Replies to post #48207 on Short Term Trading Member Forum

[techcharter]

SPX Triangle Complete.

With SPX futures way down, the triangle pattern looks complete. If the futures continue to slide overnight, the triangle may not have completed. If the futures drop below 2014, then wave c would be the smallest, resulting in a recount.

So I'm looking for a 45 point (ha-ha)rally off the overnight lows to confirm the end of the triangle. A rally that strong would completely retrace triangle wave e zag. It may take a couple days. Another indication would be a couple days of sideways movement out of the price channel.

I don't think Western markets are done. The German DAX has one more little rally to go, then crashes the rest of the year.


http://www.barchart.com/interactive_charts/futures/ESM5