Short Term Trading Member Forum

[techcharter]

INDU and SPX E-wave

I'm much more confident of the wave count for SPX and INDU now. The alternated count of continued consolidation off the Nov '08 lows is in play.

Wave A Nov '08 low to Jan '09 highs. zigzag
Wave B Jan '09 highs to early Feb '09 low- TRIANGLE!!!
WAVE C predict a zigzag lasting 4-6 weeks.

http://stockcharts.com/h-sc/ui?s=$INDU&p=D&yr=0&mn=6&dy=0&id=p75635173805

The long term WAVE C
Wave 1 Oct '07 to Mar '08
Wave 2 Mar '08 to May '08 -double zigzag
smaller wave 1 of larger Wave 3 May '08 to Nov '08
smaller wave 2 of larger Wave 3 Nov '08 to 4-6 weeks from now. -double zigzag

I really believe Wave 3 was not completed, and is expanding, is that motive waves never have two zigzags, double zzags, or flats in the corrective positions. If consecutive corrective patterns are observed, chances are high the larger wave is expanding.