Short Term Trading Member Forum

[techcharter]

DAX, FTSE, US Market E-waves.

The sharp selloff this week has found some support in the various markets.

In the German DAX, support came today as a wave 2 zigzag or double zigzag. The patter looks complete and it reached a fibonacci retracement of 50%. Downside target is 6140.

http://www.marketwatch.com/tools/quotes/intchart.asp?submitted=true&intflavor=advanced&symb=dx%3A1876534&origurl=%2Ftools%2Fquotes%2Fintchart.asp&time=3&freq=9&startdate=&enddate=&hiddenTrue=&comp=Enter+Symbol%28s%29%3A&compidx=aaaaa%7E0&compind=aaaaa%7E0&uf=7168&ma=1&maval=50&lf=1&lf2=4&lf3=0&type=2&size=3&optstyle=1013


The London FTSE wave 2 support came today too. It looks like a flat where wave c is half way done. This means wave 3 will be much stronger than wave 1, a drop of nearly 500 points.

http://www.marketwatch.com/tools/quotes/intchart.asp?submitted=true&intflavor=advanced&symb=uk%3A1805550&origurl=%2Ftools%2Fquotes%2Fintchart.asp&time=3&freq=9&startdate=&enddate=&hiddenTrue=&comp=Enter+Symbol%28s%29%3A&compidx=aaaaa%7E0&compind=aaaaa%7E0&uf=7168&ma=1&maval=50&lf=1&lf2=4&lf3=0&type=2&size=3&optstyle=1013

The US markets found very week support in the rally off the opening lows today. The rally stalled before reacing any fibonacci levels. I held out for a wave 2 flat as had developed in the FTSE. The 2 PM hour showed a wave c developing. This wave barely overlapped wave 1 at 3 PM before reversing to the downside. All this tells me the US market has extremely bearish probabilities the downside with a target of 1217 for the SPX.

http://www.marketwatch.com/tools/quotes/intchart.asp?submitted=true&intflavor=advanced&symb=spx&origurl=%2Ftools%2Fquotes%2Fintchart.asp&time=3&freq=9&startdate=&enddate=&hiddenTrue=&comp=Enter+Symbol%28s%29%3A&compidx=aaaaa%7E0&compind=aaaaa%7E0&uf=7168&ma=1&maval=50&lf=1&lf2=4&lf3=0&type=2&size=3&optstyle=1013