"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 top and has retraced below the previous one, a situation not typical of impulsive waves, so I continue to validate the hypothesis that the rally from 16 November is a corrective wave.
Yesterday SPX has finished the wave [a] of minuette degree, with an impulse 1-2-3-4-5, and now is ending the wave [b] with a complex zig-zag (potential targets: 1434 or 1428), so I'm waiting for the beginning, today, of wave [c] .
The alternatives are so many that it makes no sense to list them...
Have a great trading day...with care!

ElwaveSurfer







 

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