"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, December 6, 2012

SPX - Still indecision and too many possible counts, but a crucial point may be close

Market indecision remains, and even (too) many counts are possibile, none of them with a strong dominance over others.
In these times it is necessary to be more cautious than usual, look and wait; the risk of failure is very high.
My preferred count is slightly bearish: the yesterday move has build an expanded flat a-b-c that completes wave [b] / [x] ,so now we are in downward wave [c] / [y] , with target in 1385.
The first alternative count (Alt: ) is very bullish: the yesterday move has finished a pattern 1 - 2 , [1] - [2] and  1 - 2 , and today start the wave 3 of [3] of 3 .
The 2nd alternative count (2°Alt:) is slightly bullish: yesterday ended wave x of a complex w-x-y-x-z pattern, so it is starting wave z.
With the breakout of 1416 prevail the alternative counts, which are invalidated under 1398.
Have a great trading day...with care !!!

ElwaveSurfer



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