Short Term Trading Member Forum

[techcharter]

Market Bounce 75% Complete

The SPX, INDU rally off last week's lows produced a clear intraday double zigzag (wave 2a) followed by a very choppy decline (wave 2b. Yesterday into today completed a single zigzag of wave 2c. the rest of the day should be choppy to the downside. Monday or Tuesday of next week is when the second zigzag of wave 2c completes.

The European markets have retraced much of the sell-off which tested the flash crash lows. I have to wonder if the European markets are correcting the entire May selloff, and the US is only retracing the late May sell-off. That would put the European markets in a 1-2 count, but the US in a (1-2)-(1-2) count.