Elliott and Fibonacci Patterns: SPX - A nice rebound but not enough to declare the end of the downtrend

Friday, November 2, 2012

SPX - A nice rebound but not enough to declare the end of the downtrend

The rebound started on October 26 could be an irregular a-b-c with the fifth wave of c in completion to finish the [b] wave or, as alternate count, the wave [1] of the new uptrend.
Now it is important to observe the structure of this bounce, if it takes place as three Elliott wave pattern or as five Elliott wave pattern.
Yesterday several leaders (KORS, CTRX, RNF, COO) have shown a good momentum and the best (POL, ARMH, CVLT) keep pushing to new highs.
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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Friday, November 2, 2012

SPX - A nice rebound but not enough to declare the end of the downtrend

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