"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, January 3, 2013

SPX - The massive rally confirms the new bullish wave

The Cliff deal seems to convince the markets.
December 28 of last year and yesterday I predicted a bottom of minute or minor degree.
This forecast seems to be correct; the bottom of minor wave x is confirmed, so the third upward wave y is in progress; next first target @ 1500.
But yesterday I wrote: "On the charts at a lower degree (1-3 minutes) the new upward move does not appear an impulsive wave..." instead I was wrong; this is the strength of an impulsive wave !
The Elliott wave SPX count in the daily chart is essentially the one posted in the November 11, 2012 in the "US Index Long term view" page, only slightly updated; that in the hourly chart is one of the two preferred scenario posted in the last day; the last chart is the one I use only in intraday trading (and change several times a day...); very beautiful the saucer pattern in wave 4 ; it's is one of my preferred buy setup.
I hope that the multi-week sideways phase is finished (it was very hard to read and count), although I think the terminal phase of the primary wave [Y] will be neither predictable nor painless.

Have a great trading day...with care!



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