Replies to post #47505 on Short Term Trading Member Forum

[techcharter]

NDX wave 3 of 3 of 3

Since the September 2012 high, the NDX has traced out 3 drops and 2 bounces. The expected 3rd bounce never really materialized, signalling a very strong selling pressure. Look out below as a Wave 3 of multiple degrees plunges. Go short, buy puts.


http://stockcharts.com/h-sc/ui?s=$NDX&p=D&yr=0&mn=6&dy=0&id=p29735813625

[Chuck703VA]

Techcharter,
I am in agreement with your recent analysis. I was waiting this morning to see whether the gap up was followed by a correction and an additional wave up before a turn down. When it didn't show up I took a spread position on the SPXU with December puts and calls.

Hope to "see you down there somewhere".