Short Term Trading Member Forum

[techcharter]

SPX Corrective Rally Target

The 1300 area is looking like a target for 2 fib ratios an 2 technical signals.

I'm using the 1330 area as the starting point for an the point motive wave selloff. A nice fib ratio would be 5/8 or a 50 point rally from the 1250 area.

So far the rally off 1250 looks like it will be a double zigzag. The zig (wave a) is 30 points. wave b is about 12 points. if the zag (wave c) rallies like the zig, then the target would also be in the 1300 area.

The 50 day moving avg and the center of the Bollinger Bands are just above 1300.

http://charts.insidestocks.com/chart.asp?sym=$INX&data=Z60&date=051406&den=HIGH&divd=Y&evnt=ADV&grid=Y&jav=ADV&size=D&sky=Y&sly=N&vol=Y&late=Y&ch1=011&arga=&argb=&argc=&ov1=&argd=&arge=&argf=&ch2=&argg=&argh=&argi=&ov2=&argj=&argk=&argl=&code=BSTKIC&org=stk