Short Term Trading Member Forum

[techcharter]

Chuck - NDX e-waves

This morning with the NDX futures at -18 I thought this would be a bloodbath. The opening was more like a slow leak, while the European markets were slowly moving UP, so I sold my QID for a couple percent gain. Friday's open into today's open was a zigzag.

Since last Wednesday into Friday was a double zigzag, the e-waves are giving a buy signal with targets above Friday's opening. Unfortunately I won't be in front of a computer to play QLD the next couple of days, buy by the time I am able to trade will be time to get back into QID. I'm looking for a double zigzag from this morning's low as my cue to take action.

On the longer time frame, this rally needs to take more time to balance the longer duration selloff. Looking for fib targets of 50% and 62%.