"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)

Wednesday, November 7, 2012

SPX - Still bearish until breakout of 1435 resistance

Yesterday the strong pullback stopped near 1435, the level at which the first alternate count becomes the main scenario.
I'm considering a second alternate count  involving the
 formation of a sideways (three or triangle) in progress, which means that the corrective wave from the top is an intermediate degree wave (x) and not a minor wave degree (x).
However, as long as the market does not break 1435, the trend remains bearish.
Have a great trading day...with care!


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