"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 20, 2012
SPX - Waiting for a new bullish wave
As it happens from weeks, the index has reached a new topandhasretracedbelow theprevious one, a situation nottypical ofimpulsive waves,soI continue tovalidatethe hypothesis thatthe rallyfrom 16 Novemberis acorrectivewave. Yesterday SPXhas finishedthe wave[a] of minuette degree,with an impulse1-2-3-4-5,and now is ending the wave[b] with acomplexzig-zag (potential targets: 1434 or 1428), so I'm waiting for the beginning, today, of wave [c] . The alternativesare so many thatit makes no senseto list them...