"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 25, 2013
SPX - Rebound or sideways
First close below the 100-day MA from 6 months.
Even if the yesterday's bottom is equal to 100% Fibonacci's extension of wave w from wave x , the downward pattern doesn't seems completed.
Preferred count; it's likely a rebound or a sideways, that could be wave [b] of y . Alternate count; wave Alt:y is over.