Short Term Trading Member Forum

[techcharter]

SPX 5 waves down.

Since Friday's top, a clear motive wave has developed. Wave 4 was a triangle. Lock in profits by covering shorts. The probability of going long for a quick trade (10 pts) is pretty good. Complete structural confirmation will occur with the price rising above 1447 or a 3 wave move off the low. I expect choppy sideways to upward trading (corrective wave) the next 3-5 days.


http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=&insttype=Index&symb=spx&time=3&startdate=1%2F4%2F1999&enddate=10%2F10%2F2012&freq=9&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=0&maval=9&uf=0&lf=1&lf2=0&lf3=0&type=2&style=320&size=4&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=9&x=40&y=12