Short Term Trading Member Forum

[techcharter]

Bernanke Makes a Zigzag

All markets made some some sort of a zigzag bear market rally today.

In the US
SPX and INDU made zigzags. wave b was a triangle, signalling only one more advance was left in the pattern. The zag in the SPX was an ending diagonal.
NDX was double zigzag.
The RUT was a double zigzag. The zag truncated.
All zags were shorter moves than the zigs.
Futures are down this evening.
Today may only be wave a of one higher degree.

In europe
The DAX and FTSE zigzags had flats in the wave b position.

In Asia
Nikkei looks like a zigzag, the zag could be truncating. The market is closed for lunch.
The SSEC looks like a single or double zigzag. The pattern should be obvious by the end of the trading session.
The HangSeng is a tough call because it gapped up near the fib level of 38% of the Friday - Tuesday selloff.