"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 23, 2013

SPX - Only a top of minuette degree

We are near a top of minuette degree labeled [w].
The intersection between the up-trendline (yellow dashed line) and the 100% Fibonacci price extension (red dashed line) should be a resistance to the upward move but does not mean that a conservative trader should open a short position.
The overshoot in acceleration of 1493 makes it good a second alternate count: the wave 3 of  [3]  of  c of an upward zig-zag a-b-c .
 
Have a great trading day...with care!

ElwaveSurfer



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