"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 28, 2012

SPX - Still upward after a break

The count begins to be difficult;
the first upward wave of  minute degree seems to be over, but it is not yet clear whether it is a corrective type [a]-[b]-[c] , labeled a/w (preferred count) or an impulsive type [1]-[2]-[3]-[4]-[5] , labeled Alt:1 (alternate count).
The market should now be in the middle of a corrective move (1st target @ 1390, 2nd target @ 1377), after which I'm waiting for a new bullish wave.
Have a great trading day...with care!!!


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