Short Term Trading Member Forum

[techcharter]

AND for a Second SPX E-Wave Opinion...

The 2008 crash looks motive. Since the 2009 low, I think the SPX has been in a complex corrective rally.

Wave W: From March 2009 low to April 2011 high. 3-segment corrective wave
Wave X: From April 2011 high to October 2011 low. Double zigzag corrective wave.
Wave Y: From October 2011 low to present. 3-segment corrective wave. Wave Y is 50% price move of Wave W and getting close to 50% time of Wave W.

1st Alt count: Double zigzag (Bearish)
Wave A: From March 2009 low to April 2010 high. 5-segment motive.
Wave B: From April 2010 high to June 2010 low.
Wave C: From June 2010 low to present. 5-segment ending diagonal.

2nd Alt count: Ending Diagonal (Bullish) Implies the 2008 crash was wave c of a flat that started with the DotCom Bubble in 2000.
Wave 1: From March 2009 low to April 2011 high.
Wave 2: From April 2011 high to October 2011 low.
Wave 3: From October 2011 low to present.
Wave 4: About to begin.
Wave 5: Takes place in 2013

Regardless of bullish or bearish stance, all counts point to some sort of multiweek decline to begin immediately.

http://stockcharts.com/h-sc/ui?s=$SPX&p=D&yr=0&mn=6&dy=0&id=p20801065631