"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 19, 2012

SPX - Rebound in progress

The market is experiencing a rebound near the 0.618 Fibonacci retracement of intermediate wave (y).
At this point, or the market has reached a bottom of intermediate degree and begins a new uptrend (wave (z) or, as a first alternative scenario (Alt:) , is finished the wave 3
The second alternative scenario (2°Alt:, in the 15 minute chart) , for now with very low probability, is compatible with a market crash.
Now it is important to check the structure of the bounce....not think about catching a possible bottom!
It 's still early to open long positions, the trend remain bearish.

Have a great trading day...with care!


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