Short Term Trading Member Forum

[techcharter]

SPX Intraday E-Waves

Over the last 8 days, the SPX looks to be in a triangle. Wave 4 of the triangle, itself a triangle, is near completion. The channel lines are converging.

If the triangle pattern is correct, the 1452 level should hold, followed by a pop to the 1474 area.

If the price falls below the lower edge (1452) of the supposed triangle, the pattern may be a double zigzag instead. The only conclusive way to determine if a new downtrend has begun is to wait for the price to 1432 level, where the latest FED rally began.


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