Short Term Trading Member Forum

[techcharter]

SPX Intraday E-waves Set-up

The rally off the November 16 low to the November 23rd intermediate high looks like a zigzag (wave a). A smaller zigzag pullback (wave b) ended on November 28. I'm looking for a zigzag to complete a double zigzag corrective rally. Off the November 28 low, is a motive wave followed by a triangle that developed Thursday and Friday this week. Since triangles signal one more move in the direction of larger trend, they give us a heads-up for a trend reversal. The close on Friday was a thrust the width of the triangle, so the double zigzag may have completed. I'd look for a move below 1410 as confirmation of a near term top being in.


http://charts.barchart.com/chart.asp?sym=$INX&data=Z60&date=051406&den=HIGH&divd=Y&evnt=ADV&grid=Y&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


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