"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, February 27, 2013

SPX - Bounce in a bearish or sideways corrective pattern.

The market rebound was made according to the expectations outlined in the previous 15 minutes chart, that is:
(preferred count): after the bottom of wave a/w in the form of [w]-[x]-[y] , is started the rebound on the wave b/x which should develops as a three wave pattern;
the first alternative scenario has changed and considers the hypothesis that the first wave a/w of minute degree is not yet complete and that the market is developing the second Alt:[x] of a complex pattern.
For traders and investors who invest in stocks or ETF, I still don't see opportunities with low-risk for open long positions.
Have a great trading day...with care !!!

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