Short Term Trading Member Forum

[techcharter]

Wave Count 1-2, 1-2

The Election selloff made a temporary bottom on Thursdays close ( Larger Wave 1). Friday's opening into Monday's opening was a zigzag (Larger Wave 2). The rest of the day the market sold off ( smaller wave 1) until a buying started to come in at 1:00 and a second consolidating rally at 3:15 into the close ( smaller wave 2 flat).

Bearish {preferred):
The smaller wave 2 looks like a nearly complete flat. Tomorrows opening could gap and crap, or just crap. A fibonacci +50% retracement in both time and price has occurred, increasing the chances the consolidation is over.

Bullish:
An emerging double zigzag or flat in the larger wave 2. The second zigzag (wave 2c) may have started from the lows of the day. If a flat, there would be downside tomorrow below Thursday's lows followed by a sharp rally.

http://www.marketwatch.com/tools/quotes/intchart.asp?submitted=true&intflavor=advanced&symb=INDU&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