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Short

Bearish Shark Pattern + Bearish Rsi Divergence

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SP:SPX   The S&P 500 Index
235 1 1
Bearish Shark Pattern + Bearish Rsi Divergence.
I Always set my TAKE PROFIT at the min Profit on these trade ideas. OF COURSE YOU COULD TAKE THEM FURTHER THAN THAT. Many different trade management strategies could be used. Do i stick to the min PROFIT TARGET on my personal trades, mostly not!!!!!!!!!!
NICE chart , but just so you know in the future ... point C can NEVER be lower than point A for it to be a true gartley or butterfly. Both are exhaustion reversal setups - if point C is lower (as is the case above) then it signals a double bottom with a potential rally support area - which in fact we got. This completely negates the uses of the pattern being drawn or at the very least, you would have to use point C as the low thereby making it point A and look to redraw a new point C which in this case did not materialize. A must always be lower than C when looking for a SHORT exhaustion setup.
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