"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)

Monday, November 12, 2012

SPX - New Elliott wave count

New preferred scenario on a daily basis (see "U.S. Index Long-term view" page);
it was my first alternate count, in which the top of the September 14th becomes (y) intermediate wave, so the corrective movement from that level is (x) wave of a double complex (w)-(x)-(y)-(x)-(z).
There is not a big change in  substance, only the degree of the last corrective wave that is raised by one level.
New preferred count: November  9th began the wave [4] of wave c then the market reaches a new bottom close to 1360-1370, completing c wave and y.
1° Alternate count: the wave c is finished Friday in 1372 where there is this Fibonacci price projection: wave c = (0.618 * a) + a; a new uptrend resumes.
2° Alternate count: the downtrend is only half way, the bottom on Friday is only the wave (i) of  3 of [3] of iii  ( this scenario is invalid above 1403).
Have a great trading day...with care!


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