Short Term Trading Member Forum

[techcharter]

Possible SPX Futures E-wave Pattern

http://www.barchart.com/interactive_charts/futures/ESM15

I'm looking for a zigzag or double zigzag off the May 7 lows to complete a multi-month ending diagonal. I think the zig is done, and a triangle may be forming. The timing looks to be an options bonanza as wave e of the triangle could finish late tomorrow. Price action following triangles tend to be very sharp moves. In this case a 30 point move wouldn't be out of the question. Buying call options for pennies may not be such a bad idea heading into expiration on Friday.