WallStScalper

La Belle Epoque Nya est peut d'etre fini

INDEX:NYA   NYSE Composite Index
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Several patterns are in play in NYA             composite
The last 6 month NYA             has made several harmonic patterns as shown on the chart (See chart below). The latest is a 5-0 pattern and a ABCD in spe. That should bring a price target of 10120
Last week price created an island reversal
For the time being I see price action has made a possible harmonic ABC move (not EW) with a possible D move in the cards.
That will bring price action to a gap support area completing a harmonic ABCD .
With this move price action will define a possible neckline and a bounce area around 10440 for a right shoulder in a possible SHS             .
How high will price bounce? It will depend of conviction. I have placed a fib to shown normal areas. If bounce will as high as left shoulder then price will make a 61.8 retrace....remember this is if and if... so hard to tell.
The SHS             - should neckline break - has a target that approx correspond with the 5-0 pattern. around 10160 at a 61.8 retrace of February low and the top in May
As always... time will show!
Safe trading Ladies and Gents!
BM
MUSIC AT WORK:
http://open.spotify.com/track/15M6SHzRlL4uSdgRTQtH33
https://www.youtube.com/watch?v=nfszIaibxlg
A zoom out showing the bigger picture of harmonic patterns in play
+1 Reply
NYSE is dead compared to other indexes.
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