"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, March 14, 2013
SPX - Close to a completion of the impulse wave
The underway pattern isn't clear but seems to prevails the hypothesis that the wave  is over and the wave  is ending, and we are close to a bullish breakout (preferred scenario).
However, even if with less probability, we can't discard the alternate scenarios, according to which , after a top of Alt:a/w , the market is developing the Alt:b/x wave.