Short Term Trading Member Forum

[techcharter]

SPX Ho-Ho-Ho to Uh-Oh-Oh!

The the past 5 days in the SPX have been a nice rally. I count 5 waves up. The trendlines converged, but is not a wedge because there is no overlap of waves. In the past hour, the SPX has moved outside of the lower trend channel line. There is also a small head and shoulders forming. Three technical indicators say the near term top is in. Longer e-waves also warn of a top.

http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=&insttype=Index&symb=spx&time=3&startdate=1%2F4%2F1999&enddate=12%2F23%2F2011&freq=9&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=0&maval=9&uf=0&lf=1&lf2=0&lf3=0&type=2&style=320&size=4&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=9&x=39&y=11