"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 28of last year and yesterdayI predicted a bottom of minute or minor degree.
This forecastseems 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)thenewupward move does not appear an impulsive wave..." instead I was wrong; this isthestrengthof animpulsivewave !
The Elliott wave SPX count in the daily chart is essentiallythe one postedintheNovember 11, 2012in the "US Index Long term view" page, onlyslightly updated; that in the hourly chart is one of the two preferred scenario posted in the last day; the last chartisthe one I useonly inintraday 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 isfinished (it was very hard to readand count),although I thinkthe terminal phaseofthe primary wave [Y]will be neither predictable norpainless.