"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)


Tuesday, March 26, 2013

SPX - Sideways pattern remains in progress

The failed breakout has reduced the probability that b wave is ended, so a recount is necessary.
The new preferred scenario becomes the previous first alternate (slightly bearish); b wave is a sideways pattern (triangle or three) in progress with w wave of wave [c]/[y] in its mid-move; target = 1538.
The alternate count (bullish), that considers an Alt:[4] of wave a , is becoming less likely because it seems disproportionate with wave [2] , unless it was finished March 21, and because it appears as a "three" rather than a "five".

Have a great trading day ... with care!

ElwaveSurfer



 


 

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