"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 16, 2013
SPX - First rehearsal of a Cycle Top
Yesterday wasone of the worstdays on themarketfor many months; goldcollapses, commodities fall,China'sgross domestic productgrew less thanexpected;SPX, DJIAandNDXslideon highvolume.
Are these the first signs of the Cycle Top?
Preferredscenario; yesterday my outlook was wrong but until themarket does notdropbelow1.540, I keep thismain scenariothat considers wave  of c in progress.
First alternate scenario: Thursday, April 11there wasthe Top , with a "kinky" wave c .
A big doubt: the last downward intraday move appears impulsive...and this is no good...
Have a great trading day ... with care !!! ElwaveSurfer