"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, March 20, 2013

SPX - Correction in progress

The correction in progress, labeled wave b of minor wave z , appears like a complex or like a combination (the two corrective patterns most hard to interpret).
It's difficult to say if the index has reached the first bottom of wave [a]/[w] ;
this down move could be a w-x-y or a w-x-y-x-z and 1525 the best target, but the market is still very strong.
We must be patient, look and wait; in this condition, trading is too risk even in the intra-day time frame.
Have a great trading day ... with care!


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