A Bearish Butterfly
appears to be in play with a PRZ of 1903.00-1903.25. This corresponds with an AB=CD
on the weekly (starts March 2009
) that has a PRZ of 1889.50-1909.25. The projected timeframe of the reversal is within the next 10 days. The Butterfly
should retrace at least to the 382 of the CD leg (1876.75). A retrace of the AB=CD
from the weekly has a projected retrace below 1600. Additional notes on chart.
Suggest waiting for confirmation before entering a Short position.
Problems with this prediction:
-- No method is right all of the time.
-- I'm new to Harmonics, so don't count me as a seasoned hand.
-- The AB=CD
on the weekly is extreme, though it does appear to fit inside of Scott Carney's rules.