"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)

Thursday, January 31, 2013

SPX - Weakness

The preferred scenario, wave [z] or Alt [4] , is weakened by the movement of yesterday and is near to being disavowed (below 1498).
First alternate count: the upward move of the January 29 is a "short" wave [z] / Alt:[5]  , so the Alt: c / y wave is finished and we are already in a downward corrective wave.
Second alternate count: the top of yesterday is a wave  2Alt:[3] and began the correction in wave 2Alt:[4] with the first goal in 1495-1490.
It is time that traders must be very careful.
Have a great trading day...with care!!!


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