Short Term Trading Member Forum

[techcharter]

SPX Futures - Tuesday E-wave Update

The previous count of a completed 2 day zigzag (corrective rally) has morphed into a larger zigzag. The ending diagonal I counted in an earlier post was a smaller degree triangle.

While the futures are up slightly, the time and price of zig and zag are nearly identical. The time of the corrective move forms a fibonacci ratio of 2/3 with the May 29 selloff, and a price fibonacci ratio of 38%. Wave structure and fibonacci ratios signal a high probability top.

Let's see how things look in the morning.


http://charts.insidestocks.com/chart.asp?sym=esu2&data=Z15&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