"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.
 
Have a great trading day...with care!

ElwaveSurfer


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