"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)


Wednesday, April 10, 2013

SPX - Dark pattern, but with bullish implication

This is one of the most difficult phases to interpret the last year.
After yesterday's upward move a recount si requires.
First, it invalidates the hypothesis that the top of 2 April was a Cycle top.
New preferred scenario: we are already in the first wave [1] of c wave (flaw: b wave is too large comparing to the previous waves x , and this does not respect the "right look" guideline...)
Alternate scenario: we are still in wave Alt:b ; yesterday is finished the Alt:[b] and now the wave Alt:[c] is in progress.
A note: in the 15 m. chart, there are two interesting examples of Fibonacci's extensions.
 
Have a great trading day ... with care!

ElwaveSurfer



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