Short Term Trading Member Forum

[techcharter]

Agree, Short Term Lows In.

It looks like 5 waves down(the third wave extended) into noon today. Looking for a 3-4 day rally. Maybe we'll have a Thursday reversal day next week ;o). I've got an SPX target of 875. This is where wave 4 of extended 3 is, as well as the 38.6% Fibonacci ratio.

The fundamentals are now completely in synch with the wave count. This is what happens in wave 3's. The widely held wave count of multi month wave 4 triange by Mish and Prechter may still be in play. I, however, think the last 6 weeks is a smaller degree wave 2. Larger wave 3 probably started last week.

For tomorrow: largely a gyrating day of choppy sideways movement.