"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)


Monday, February 25, 2013

SPX - Waiting for the confirmation of the bearish reversal

In the last trading session, SPX started a pullback that doesn't appears yet completed.
My preferred scenario considers a sideways correction in progress, although there is still no confirmation that February 19 is a bearish reversal; it would be the break-down of 1495 level.
The new main count derives from an increase of one degree of the waves; we could be in c/y wave of [b]/[x] , while the alternate count is bullish (Alt:3)
In this condition of uncertainty, I still prefer to stay out of the market.
 
Have a great trading day...with care!

ElwaveSurfer


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