wednesday midday

I’m looking at the SPX 15 minute chart and see a perfect ‘flat’. Both waves ‘a’ and ‘c’ have reached an extreme short term oversold condition. The ‘b’ wave appears to be an overshot diagonal triangle, which led to the swift five wave ‘c’ wave decline. This looks like a great place to get a rally going. The DOW looks about the same as the SPX. The NAZ/NDX have fallen short of reaching their recent lows, a positive divergence. The TRANsports are again as oversold as they have been during this intermediate term advance, as are all the indices. The SOX is displaying a positive momentum divergence and a ‘flat’ also. Looks like a perfect setup for a rally. Posting SPX122805. We’ll see!