"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 2, 2013

SPX - Waiting for the market reaction

Now let's see how the market reacts to Cliff deal.
SPX has formed a new bottom, creating a triple zigzag  [w-x-y-x-z] rather than the double zigzag expected.
On the charts at a lower degree (1-3 minutes) the new upward move does not appear an impulsive wave...
For the rest referring to the last SPX post... "now we have to understand if it is a wave w of minute degree, then only a rebound in the downward minor wave x , or if it is the final wave y of x , then the bullish corrective minor wave y is beginning. These two scenarios have the same odds."
Have a great trading day...with care!


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