"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, June 18, 2013
SPX - the new first Alternate count
SPXcontinuesitssidewaysmove, trapped betweenthe resistance of the 20-day MA and the supportof the 50-day MA;
this is the key level ofthe new first Alternatecount .
If the 50-day MA will be broken down, it becomes themaincounting.
This scenario considers the possibility that the current downward movement is the Alt:x wave of minor degree; the final Top would behigherinterms of priceand fartherinterms of time.
However,until then, the preferred scenario is that shown below.
Waiting the FED's announcement, an interesting stock: SOHU