"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 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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