Short Term Trading Member Forum

[techcharter]

US and European Markets at E-wave Crossroads

Taking 1 month for large Wave 2 is disproportional for a 5 month long large Wave 1. This is near a major turning point, and tops need a lot of time to reverse. For that reason I'm calling for another leg of large wave 2 corrective rally. Today would be a fibonacci 38% in time. Structurally wave 2c could have completed today. It's only 2.5 weeks until fibonacci 50%, which leaves open wave c flat or zigzag. Flats mark the beginning or end of the longest wave of the 5 waves. This fits the anticipated large move to the downside. The market has a way of luring in the naive. What better way than to tag the 200 day average?


http://stockcharts.com/h-sc/ui?s=$SPX&p=D&yr=0&mn=11&dy=0&id=p83852843307