Short Term Trading Member Forum

[techcharter]

US Markets Heading Lower

The SPX intraday chart shows a complete zigzag.

http://bigcharts.marketwatch.com/advchart/frames/frames.asp?symb=spx&time=&freq=

The SPX futures chart shows a complete double zigzag.

http://charts.insidestocks.com/chart.asp?sym=SPU1&data=Z30&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

Both charts are telling the same story: A 5% or more selloff is in the works. I'm considering either a corrective wave (wave b or x) down, indicating another week or two of consolidation (5% - 7% drop), or a motive wave (10% or more drop) ending below recent lows.