Replies to post #46996 on Short Term Trading Member Forum

[Chuck703VA]

Tending to agree with you....at least enough to go short for small position....

...it's looking like the action of last several days might be a fourth wave of the recent move down meaning we get a fifth wave down to mid 1200's before we get the next wave up....

Re entered with some UPRO 68 puts to give it a go.

[techcharter]

SPX Intraday Triangle Breakout

The pattern I was watching last week was triangle looking; however, I was not calling it an e-wave triangle. With this morning's rally, I have a pretty clear wave count from last Monday's lows.

Wave 2 corrective double zigzag.
wave a: Double zigzag from last Monday into Tuesday morning high.
wave b: Triangle from Tuesday high into Friday low.
wave c: in progress.

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