Short Term Trading Member Forum

[techcharter]

Today's opening finished the SPX triangle.
The SPX rallied in a wave 5. Instead of turning sharply lower, the afternoon was spent in sideways movement. The SPX futures clearly show this as another triangle of larger degree. As I write, the larger triangle has completed and it's corresponding larger degree wave 5 has started.

The multi-month ending diagonal looks complete. Thursday's ECB announcement of negative rates on deposits will be the "cause" of a market sell-off, but we have a reasonable expectation of when it will complete and the sharp sell-off that typically follows.

I've noticed the VIX has been stair-stepping higher the last couple of days on the intraday chart while the SPX makes a choppy advance. Fear is subtly creeping back into the market. Almost like front running a major move.

Hold on, it's going to be a bumpy ride.