"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, December 21, 2012

SPX - The second bullish wave appears in progress

The market has moved as expected;
wave [b] seems to be over close to a Fibonacci price and time cluster (see 5 minutes chart), so the wave [c] of a zig-zag pattern appears in progress.
This is generally a good opportunity to make low-risk trading  (I opened a long position on UPRO @ 89.75); a confirmation is required with the breakout of 1448.
Alternative scenario (Alt:) ; yesterday's bottom is only the wave w of [b]
Have a great trading day...with care!


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