Short Term Trading Member Forum

[techcharter]

SPX Corrective Bounce in Progress

A motive wave in the SPX futures took place from the November 6-7 overnight into the November 9th premarket

Friday, November 9th started out with a sharp motive rally (wave a), followed by a choppy corrective pullback (wave b). This leaves a sharp rally (wave c) to complete this larger corrective move of the November 6-9th selloff. Upside target is between 1390 and 1405, the 38% and 62% fibonacci levels, but don't discount the 1410 level, which is the 66% fibonacci level.




http://charts.insidestocks.com/chart.asp?sym=ESZ2&data=Z30&date=051406&den=HIGH&divd=Y&evnt=ADV&grid=N&jav=ADV&size=D&sky=Y&sly=N&vol=Y&late=Y&ch1=011&arga=&argb=&argc=&ov1=&argd=&arge=&argf=&ch2=&argg=&argh=&argi=&ov2=&argj=&argk=&argl=&code=BSTKIC&org=stk