"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)


Thursday, May 2, 2013

SPX - New top , new counts

I am some days in the Tuscany's hills, where internet is not always accessible, so yesterday I was unable to publish the post...

SPX reaches a new high and then invalidates the main count, but before resorting to the alternative [ Alt:(x) ] which would require a radical restructuring of a pattern that has held up for months, it is best to advance in small steps, thus maintaining the label's validity of the 2nd (x) of intermediate degree on the bottom of 16 November 2012, a new reasonable count is the following:


wave w minor: from 16 November to 12 December 2012 (as before)
x minor: from 12 December to 31 December 2012 (as before)
y minor: from 31 December 2012 to 2 April 2 2013 (new count as zig-zag a-b-c)
x minor: in progress from 02 April as expanding triangle a-b-c-d-e or as a double three w-x-y-x-z , with the upward wave d/x completed and the downward wave e/w just begun.
 
This count has a bearish implication in the very short term, however, once the ongoing sideways pattern is complete, there would be the last bullish wave z that ends the Intermediate wave (z) of Primary wave [Y] of Cycle wave B/X/D .
 
Alternate count (bullish): the Alt:x is already finished like a flat pattern a-b-c and now we are in wave Alt:z .
 
Have a great trading day...with care!
 
ElwaveSurfer
 
 


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