"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
Inthe last tradingsession, SPXstarted apullbackthatdoesn't appears yetcompleted. Mypreferredscenario considersasidewayscorrection in progress,althoughthere is still noconfirmationthatFebruary 19is abearishreversal; itwould bethebreak-down of 1495 level.
Thenewmaincountderives froman increaseof one degreeof 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 stayout of the market.