"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, December 12, 2012

SPX - Upward, but resistance is strong

After the extended period of sideways congestion, today the market has achieved the expected breakout, interrupted by strong resistance @ 1434, which is also equal to the Fibonacci's extension 1.618 * (i) (you can see my Tweet).
So it's confirmed the first scenario (1°) shown in the post of Monday, December 10;
now, we could be in wave 3 of [a] / [w]  of   y ;
the first alternative is that, with the pullback of end of session, is already over the first wave Alt: [a] and the Alt: [b] is in progress.
Have a great trading day...with care!



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