Replies to post #45732 on Short Term Trading Member Forum

[techcharter]

Short Term Bounce Fitting Perfectly.

According to Prechter, wave 2 rallies in a bear market are based on false hopes. With the passage of a bill raising the US debt ceiling in the House (wave a of 2), the bill now goes to the Senate for debate (wave b of 2), and finally is scheduled for a vote on late Monday or Tuesday (wave c of 2).

The timing is would also be Fibonacci. The time ratio of wave 2 to wave 1 will be 50%, to 66%.

I have an SPX target range 1310 - 1315.