"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
Yesterdaythere wasthe awaitedbreakout, but following apatternnoteasy to labelthat showsa lack ofenthusiasm and conviction of the market. I would have expectedsomething better.
If thebreakoutis good,it will be thepreferred scenarioto prevail; in which case we could bein wave3 of [c] .
If thebreakoutfailed,the alternative scenariowillprevail(the yesterday up move isonly the waveAlt: xofAlt:[x] wave, irregular type, that is still in progress).
Have a great trading day...with care! ElwaveSurfer