"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)

Friday, January 11, 2013

SPX- Strange pattern

Yesterday there was the awaited breakout, but following a pattern not easy to label that shows a lack of enthusiasm and conviction of the market.
I would have expected something better.
If the breakout is good, it will be the preferred scenario to prevail; in which case we could be in wave 3 of [c] .
If the breakout failed, the alternative scenario will prevail (the yesterday up move is only the wave Alt: x of Alt:[x] wave, irregular type, that is still in progress).

Have a great trading day...with care!


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