Short Term Trading Member Forum

[techcharter]

Mini SPX E-waves: Finding a bottom

http://www.barchart.com/interactive_charts/futures/ESU5


The sell off from the August 17 highs looks nearly complete. Tonight's lows completed wave 5 of larger 3. There is at least one set of waves 4 and 5's, maybe even a second set at larger degree. Monday or Tuesday morning look like ideal timeframes for near term bottom. The choppy, corrective rally should last 3-4 days.

Investors will project this sell off as continuing for much more time, but we know the market makes more escapes from pins with kickouts than a professional wrestling match.