Short Term Trading Member Forum

[techcharter]

Willie, Throw Out The Microscope.

This is a runaway market that will throw off the wave count. Gaps at the open of a trading session are motive, but it's difficult to tell which degree ended. Wave 3 will extend several times. What looks like an ending diagonal is really a bunch of waves 1-2 at several degrees setting up for a great shorting opportunity. The daily chart will give you more time to react. Look for congestion to signal consolidations. Gaps and narrow trading bands on long price declines signal wave 3's. This selloff has several more days to go before the daily chart looks like a completed motive wave.