"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, April 8, 2013

SPX - Always be ready during the correction

Many Elliott's followers consider that the top of April 02 was the end of wave of Cycle degree.
I'm not of this notice; this count is correct in price and in pattern, but it remains my second alternate count.
I think something is still missing, a fake body that displaces the bears and forces them to cover their short positions pushing prices upward for the last time.
However, as usual, I'm ready to change my view (and my trading strategy) if the market says I'm wrong.
Preferred scenario: SPX is in the bounce wave (upward or sideways) [b]/[x] of b ;
First alternate scenario: we are in Alt:[3] of Alt:c
Extreme caution because there are several good counts but no one really prevails over other.

Have a great trading day ... with care!


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