"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, January 9, 2013
SPX - Close to a first bottom of minuette degree
Althoughwe can not yetexcludethe first alternatescenario described in theprevious post, the movement of yesterday's sessionconfirms thepreferred scenario; wave [b] is ending, first target 1429-1427 therefore close tocurrent prices.
The second alternate scenario considers the possibiliy of an extension of bearish c/y wave down to 1432 (50% Fibonacci retracement).
Have a great trading day...with care! ElwaveSurfer