"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)

Saturday, November 17, 2012

SPX - Intermarket analysis: GOLD and CRUDE OIL


Preferred scenario;  from the previous post of November 3, intermediate wave (2) is over (with a minor zig-zag a-b-c and a very short wave c); now,  minute wave 2 of minor wave 1 of intermediate wave (3) is ending; I'm waiting for a bottom in 1700 area.
The count is invalidated in 1672.


Analysis is changed since the last post (November 3).
Crude Oil is struggling to get off, it seems to be a diagonal pattern, unless it accelerates downward within the next week.
Preferred scenario; wave 1 minute is ending, then bounce in wave 2; intermediate trend still bearish;
First alternate count: the decline started last March 1 is a minor zig-zag a-b-c and wave c is ending, this would mean that the intermediate wave (c) is over, and a new uptrend resumes.

Have a great weekend!


No comments:

Post a Comment