"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 21, 2013

SPX - Rebound in correction (or final impulse)

The preferred scenario presented in the last post, according to which was probably reached the bottom of wave [a]/[w] , seems to be confirmed by the yesterday's rise that could be qualifies as wave [b]/[x]  of minute wave b .
A little breakout of the top labeled as wave a does not necessarily mean that the count is invalidated  because the wave b could be an irregular or an expanded pattern.
First alternate scenario (15 m. chart): the last top was the Alt:[3] , the bottom of the March 19 the Alt:[4] ,  so we are still in the final impulse of wave a .

Have a great trading day ... with care!

ElwaveSurfer



 

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