"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 9, 2012

SPX - The downtrend accelerates

The bearish movement continues increasing its strength;
the market is probably in wave (iii) of 3 of [3] or [c]
I think the bottom is not so close.
The Elliott Wave is telling me that the trend is bearish, even Dan Zanger and Chris Kacher, two traders who follow, are also bearish for a couple of weeks, so it is useless and also dangerous open long positions on stocks, too risky to open short positions, better to stay outside and wait.
Instead it's possibile to do intraday SPX future trading, where I'm focusing my energy.
Have a great trading day ... with care!!!


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