"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, April 30, 2013

SPX - Close to a temporary top breakout

SPX is testing the top and the structure is inclined to break it; if this occur , the main scenario (Cycle Top) is invalidated in favor of the first alternative one  (Alt: x in progress).
The hypothesis illustrated on the 15 minutes chart is that of an irregular (or expanded flat) with wave b/x complex type [w]-[x]-[y]-[x]-[z] .
As I wrote a few posts ago, I still think that the benchmark index at the end of this Cycle wave, as happened in the past, is the DJIA (that is clearly bullish) and not the SPX...
Have a great trading day...with care!

ElwaveSurfer


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