"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)
Tuesday, January 29, 2013
SPX - Waiting for a top
The hypothesis of anascendingtrianglehas not been confirmedby the market movement, howeverthelasttwoscenarios described yesterday remain valid.
I addedmy secondalternative scenario, instead, and it is bearishandprovides for the possibilitythatis formingan endingdiagonal2Alt:[z]of2Alt: y
I remainunderweightin my US Stock portfolio; yesterdaysomeleadingstocks (DDD, SSYS) have collapsedwith a heavysell-off on huge volume.
This is another signalthat deserves attention; a top of minute degree is not so far.