"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)


Friday, April 12, 2013

SPX - Over the top

The market has already reached my second target; its strenght is amazing!
 
Above these levels we enter in uncharted territory, which require a deeper review of the scenario and labeling; the counts become very difficult even with the impulsive waves and something is wrong ....(obviously not in the market but in my interpretation of the market behavior).
 
Preferred scenario; we are at the end of wave [1] as first extension, or in Alt:4 of [1] .
I'm (still) waiting for a pullback.
 
I'm shocked because these levels would indicated an exhaustion of the up move but the structure of the pattern doesn't show it.
 
Have a great trading day .. with care!

ElwaveSurfer



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