Friday, January 4, 2013
SPX - Consolidation is needed
The market may have reached a temporary top of wave [a] ; it has not yet been fully digested the Cliff deal, because it needs further decisions by the end of February to raise the level of debt and the spending cuts.
A consolidation is likely and also healthy.
My preferred Elliott Wave count remains the same; next support level: even down to 1424 closing gap , in the worst-case scenario, but I do not think to open short position (if not on intraday zig-zag wave c/y) ; too much risk, the trend is up.
Have a great trading day ... with care!