"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 5, 2013

SPX - Still bullish

Yesterday, after a little initial indecision, the index has broken upward the micro flat base.
However, even if the direction is the one I proposed, some doubts assail me on the structure of pattern given that the last sideways congestion is higher (in time amplitude) than my expectation, and that looks like a "Cup with Handle" with upward implication.
Preferred short-term scenario; has been upgraded but it is still bullish, after a little correction in wave 2.
First alternate short-term scenario; pullback for making the completion of Alt: c/y
If SPX exceeds 1541, a new scenario bursts on the charts, that reconsiders all the bullish move from November 16, 2012 with a new labels.
Have a great trading day...with care!


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