"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, June 7, 2013

SPX - Rebound or new upward wave?

As described in yesterday's post, the market has had the reaction expected from 1595 to 1600.
Now the real questions are:
wave x is over so a new upward wave is started?
or this is simply a rebound from an oversold's situation , due to the touch of uptrendline / MA50d ?
The first hypothesis requires, at least, the breakout @ 1646.
Today important job's report.

Have a great trading day ... with care!

ElwaveSurfer

 

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