"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 17, 2013

SPX - Waiting for the uptrend's recovery

Good bounce, even if in light volume, with structure that could also be impulsive and therefore prevent the alternative scenario (which includes the top of the Cycle); however, this hypothesis would be (for now) dismissed only to the break-up of the level of 1580.
Preferred scenario: wave [2] of c has ended, we are in wave 1 of [3] .
The optimal situation would be the construction of an ending diagonal that would be a signs of  reversal (but in the markets, between what we want and what really happens , there is very often a great difference ...).
The markets could be close to a Top so be always on your guard!
Have a great trading day ... with care!

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