"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)


Thursday, November 1, 2012

SPX - No real reversal sign so the downtrend is confirmed

SPX continues its sideways trend.
the 1428-1430 area is an intraday resistance that is stronger.
For me it is not useful to spend time in this type of market, it is better to wait until it takes a new direction; the pattern remains very unclear even for intraday trading.
Given that I consider likely further imminent downside movement, I stay out and I seek leading stocks that are finding support and forming interesting flat base to open new long positions on the possible further uptrend, although the breakdown of the 200-day MA on the NASDAQ could modify my intermediate outlook from up to down and reverse my trading approach.
Have a great trading day...with care!

ElwaveSurfer


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