themarketzone
Short

Small Butterfly inside Gartley's PRZ

AMEX:DIA   SPDR DOW JONES INDUSTRIAL AVERAGE ETF
As it looks, $DIA is heading towards 180 and 182 to re-test previous record highs before the next FOMC meeting. Last week $DIA bounced from the 200 SMA line and the bottom of it's trading range (175-183).
I expect $DIA to stay within its trading range borders for the next 9 days and if it'll rally towards 180 it will complete a bearish Butterfly pattern.

The bearish Butterfly , that also re-test the bearish Gartley's X zone, can lead to a short term reversal, perhaps towards 180$ and 178$ (structure levels and Butterfly's target levels), even to 176$
Potential level for stop loss – Above broken uptrend line projection – above 184$

Potential R/R shown in the chart

Tomer, The MarketZone
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