"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)


Thursday, August 15, 2013

SPX - two bearish scenarios

The market remains within a sideways congestion but I'm waiting for a further decrease.
The first two scenarios are both bearish:
> preferred count (slight decline): the second wave [x] of b is in completion with the upward wave c/y ;
> alternate count (fast decline): the wave Alt:[c] of b is already underway.
First target = 1672-1676 area; second target = 1655.

Have a great trading day ... with care!

ElwaveSurfer


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