Short Term Trading Member Forum

[techcharter]

SPX Triangle and Post Thrust Complete.

The zigzag (corrective) pwave off Thursday's low is complete. The post triangle thrust was sharp and reversed so quickly the re was really no opportunity to make a profittable trade.

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

With a smaller degree pattern complete, lets look at larger degree pattern. Is the rally off the June 2012 lows complete? It could be.

Bullish case: The early July 2012 selloff does not look motive with consgestion in the middle of the pattern. Look for a couple days of choppy sideways to slightly down trading before a challenge of the 1380 levels is made.

Bearish case: The rally last week off the 1325 area was a truncated effort of a complex correction. Look out below! Here comes Wave 3 of the same degree as the Early April 2012 to Late May 2012 selloff. Target is below 1200.

http://stockcharts.com/h-sc/ui?s=$SPX&p=D&yr=0&mn=6&dy=0&id=p51434266599