Elliott and Fibonacci Patterns: SPX

Tuesday, October 16, 2012

SPX - Up move

The last movement appears a five wave pattern (wave a or 1), so I'm waiting for a correction (wave b or 2) and a new up move (final zig-zag c or wave 3).
My 2° Alternate scenario: the five wave pattern complete an irregular 3-3-5 (wave x), and new down wave y.
Have a great trading day...with care!

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When the pattern of a reliable average is favorable under The Wave Principle, follow the recommendations below:
A) Select the groups which perform in harmony with the average;
B) Then select stocks that move in sympathy with these groups;
C) Always choose stocks that are constantly active, medium priced and seasoned leaders;
D) Diversify your funds; i.e., employ more or less an equal number of dollars in from five to ten stocks, not more
than one stock of a group. Trading in less than five stocks is preferable to more than ten stocks.
(R.N. Elliott - Educational Bullettin December 1939)

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Tuesday, October 16, 2012

SPX - Up move

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