Short Term Trading Member Forum

[techcharter]

SPX Wave ??? Flat Update

Nix the flat count. This bounce looks like a zigzag near completion followed by some downside. Fibonacci price and time ratios just are not there.

A better count would be to consider a half finished double zig-zag would be a better count in time proportion. wave a completes tomorrow morning then a correction begins. This would let fibonacci price and time ratios by the end wave c to converge over the next 2 weeks.

What I find hard to believe is there would be much upside left in the general markets considering UYG, the ETF for the financial sector soared over 50% in 7 trading days. That kind of return is generally unsustainable.