Short Term Trading Member Forum

[techcharter]

SPX Strong Waves

Nothing has changed from calling a top last week. Since then I count the wave pattern from Thursday's lows as a Wave 2 flat. What follows is a Wave 3. This will be a very strong wave 3 because the wave 2 flat has retraced so much of wave 1, AND flats occur before or after the longest motive wave of the same degree. A drop of 5 to 8% from these levels by the end of next week is easily within the realm of possibility.

http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=&insttype=Index&symb=spx&time=18&startdate=1%2F4%2F1999&enddate=1%2F4%2F2013&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=38&y=11