"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)


Friday, November 30, 2012

SPX - A doubtful pattern

I'm surprised of today's session, not because of the strong start but rather for the triangle that seems to be building.
For Elliott, triangles are always continuation patterns, for Neely they may also be reversal patterns;
if my counts was valid, the wave [b]/[x] is over or is running close to 1424,  and should start the bearish wave [c]/[y] .
But now I get a lot of doubts.
And if, instead of the wave [a]/[w] was over the wave b / x?
At that point, the immediate trend would be bullish, like that of Minor degree.
Tomorrow I will observe the market with this doubt but if it breaks the congestion upwards, I try a long intraday position.
Have a great trading day...with care!

ElwaveSurfer

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