"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

Although we can not yet exclude the first alternate scenario described in the previous post, the movement of yesterday's session confirms the preferred scenario; wave [b] is ending, first target 1429-1427 therefore close to current 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!



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