"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, February 22, 2013

SPX - Correction in progress

the correction has found a first support on the 23.6% Fibonacci's retracement, but the downward pattern does not seem finished.
Preferred count (bearish): we are in the wave 2/b of [a] of a/w (early stage of a corrective pattern of minor degree);
First alternate count (bullish): the wave Alt:2 in finished and now starts the wave Alt:3 of Alt:[5] of Alt: c
Second alternate count (bearish), we are in wave 2°Alt:[b] of a/w

For other considerations and the hourly chart, referring to yesterday's post.

Have a great trading day...with care!!!

ElwaveSurfer




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