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techcharter

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techcharter

Re: None

Thursday, 10/04/2012 10:12:19 AM

Thursday, October 04, 2012 10:12:19 AM

Post# of 51787
SPX Intraday Pattern

I think the pattern that has finally emerged on the SPX intradsy chart is a complex correction. The clues are as follows:
1.) Very choppy advance
2.) A well-defined triangle on Monday and Tuesday of this week.

Wave w from Sept 26 lows to Oct 1 high was a double zigzag
Wave x from Oct 1 high to Oct 2 low was a textbook triangle.
Wave y from Oct 2 low to present is a single or double zigzag.

This correction has a nice "envelope" like amplitude modulation instead of parallel or converging trendlines.


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