"All human activities have three distinctive features: pattern, time and ratio - all of which observe the Fibonacci Summation Series" (R.N. Elliott - "Nature's Law - the Secret of the Universe" - 1946)

Tuesday, October 16, 2012

SPX - New uptrend in progress

Today the impulsive Elliott wave is converted into 3 extended wave of wave 1/a,  and this confirm the uptrend outlook.
This changes my main scenario, which becomes the first alternate until yesterday.
This count assumes that Friday ended the x wave of minor degree flat type pattern on Fibonacci price retracement 23.6%, and it is already begun the last wave y that will bring the index to new highs.
The new first alternate scenario is a sideways pattern w-x-y-x-z type with fourth wave  x  in  progress,  which means the same impending implications; the confirmation of the uptrend at least up to 1470-1475.
However tomorrow is possible the completion of wave 1/a and the start of wave 2/b.
Have a great trading day...with care!


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