"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)
Monday, June 3, 2013
Elliott Wave Analysis of several Stock Market Indexes
Referring the main world Stock Market Indexes, my outlook remains bearish on the short-term time frame.
in the best of cases, we are still in wave 2 minute of c minor of (y) intermediate.
First alternate scenario: Alt:4 ;
Second alternate scenario: the top was wave Alt:a , so now we are in Alt:b minor wave; if this view prevails the correction will be larger in terms of time and/or price.
NASDAQ: still wave [ii] of 3 minute of 5 minor
GERMAN DAX : hold, but I still think that it is in wave x minor of (z) intermediate
LONDON FTSE 100: wave 2 minor of (3) intermediate or of Alt:(5)
ZURICH SMI - the top was wave (3) intermediate, with a beautiful 1.618 Fibonacci's extension of wave (1) from (2) ; first target between 7500 and 7300 (that is the wave four of minor degree)
TOKYO NIKKEI - preferred count: the top was wave 3 minor of (c) intermediate; here, the index has reached the maximum of possible target for wave 3, that is 2.618 Fibonacci's external extension of wave 1 from top 1.
SPX intraday update
Hard sell-off in the late Friday's session, with volume rising.
This confirms my bearish outlook.
Preferred count: we are in wave [c] of x of z minor.
The first alternate is passed; the new alternate: the top was the Cycle reversal.