Replies to post #37449 on Short Term Trading Member Forum

[kenl]

I agree Tech, looks like a possible top early next week. Then we start 3 down.

You can also see indices approaching their respective trend lines. I expect a slight overthrow to suck some people in, then reverse.

[techcharter]

INDU and SPX TextBook E-Waves

Today was the larger wave 4 of the Nov '08 Flat-C. It was a textbook triangle. There should be only one more thrust higher and a retest of today's opening high before a top is in. Since the market has move higher very quickly these past 2 weeks, and is close to the top, this last advance may be muted or finish overnight.

The ABX index rallied a little. It looks more like a pause before a lot more carnage below.

The INDU, SPX, NDX, RUT, DAX, FTSE, NIKK, AORD are synched to drop from a FLAT correction. The SSEC is set to drop from a triangle that just broke the 200 dma.