Short Term Trading Member Forum

[techcharter]

SPX is a Double-Double-Double WAVE B Zigzag

Double Zigzag 1 = March 17 to April 7, 130 points, lasting 15 days
Double zigzag 1a = March 17 to March 25
Double zigzag 1b = March 25 to April 7

Double Zigzag 2 = April 15 to present, 86 points, 13 days so far.
Double zigzag 2a = April 15 to April 18
Double zigzag 2b = May 1 to present


http://stockcharts.com/h-sc/ui?s=$SPX&p=D&yr=0&mn=3&dy=0&id=p30985713692

While the points have reached a fibonacci ratio of 2/3, the time ratio .866 is caught between .786 and 1. Two more days and 15 more points would place Double Zigzag 1 = Double Zigzag 2 in time, and a points ratio of .786.

http://stockcharts.com/h-sc/ui?s=$SPX&p=D&yr=0&mn=10&dy=0&id=p34855459368

The longer chart shows WAVE 2 to WAVE 1 points ratio at a hair under .50. The WAVE 2 to WAVE 1 (October '07 to March '08) time ratio is .27, still too far from a ratio of .333.

Stochastics are very overbought.