"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)
Monday, March 4, 2013
SPX - Upward wave of minuette degree
In the last trading session the market could have already reached the bottom of wave [b] and started the impulse wave [c] , according to my preferred scenario that considers this upward move a zig-zag pattern of wave b/x .
The first alternate scenario, instead, is immediatly bearish but is invalidated if the index rises above 1525.