Short Term Trading Member Forum

[techcharter]

SPX vs DAX vs FTSE

Of the three charts, the FTSE has the best wave shape. The top rounds over. The middle has a steep slope and little day to day overlap. The bottom rounds up. It sort of looks like a ski jump. Looking at the FTSE I would say a multi day corrective rally is due.

http://stockcharts.com/h-sc/ui?s=$FTSE&p=D&yr=0&mn=2&dy=0&id=p28996037708

The DAX has a straight channel selloff. There are two wel defined pullbacks, each for waves 2 and 4. Wave 5 is under way.

http://stockcharts.com/h-sc/ui?s=$DAX&p=D&yr=0&mn=2&dy=0&id=p27650192626

The SPX is a classic waterfall selloff. I'm finding it very difficult to call a pullback a wave 2 or 4, even on the 60 minute charts. The last two days have been very volatile sideways movement, so some kind of multi-day corrective move might be under way. But, WOW the market is strong.

http://stockcharts.com/h-sc/ui?s=$SPX&p=D&yr=0&mn=2&dy=0&id=p97971588095