A bearish gartley spotted on the SPX again, with an entry at approximately 2927.20 and a stop loss above 2939.08 (point X).
I'm a bit more hesitant about this harmonic pattern due to the fundamentals of restored optimism of China wanting to make a deal. Awaiting more clarity following the tariffs going in place on September 1st.
Both Trump and China want to make a deal, but THEY WILL NOT MAKE IT! I also want many things:) China is not that stupid to publicly humiliate itself in the world arena by submitting to Trump's ART OF THE DEAL.
BigDGoesHard
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@I_AM_FROM_THE_FUTURE, I agree, however one thing China has going for it is not having to run against an election clock. I will eat my own shoe if a deal gets done before the 2020 election
I_AM_FROM_THE_FUTURE
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@BigDGoesHard, That's an important factor yes. But trump may take a risk. His prevailing in this widely publicized battle may be more important to him then getting shamed by media for letting China win. He may believe that he can win no matter what. Given that China hopes for his election fears, they won't give in and the war will go on.
@I_AM_FROM_THE_FUTURE, The Chinese will happily and willinging agree to a deal with absoloutley no intention of keeping. Its Sun Tzu : deceit and deception is permitted in order to win a war and is much more preferable to fighting an actual trade/currency war. The Chinese are finding their word is not worth much based on previous expereince - the US (Trump) is finally standing up to them and calling them on their lies.
@LukeBailey, Yeah.. "holding their feet to fire" as CNBC says:)
Bullandbeartrading
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Nicely XABCD placement.
BigDGoesHard
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@Bullandbeartrading, Thanks dawg. It really did look like it could break to the upside into the 2955-2970ish range, but the fundamentals didn't add up. As soon as I saw the consumer confidence numbers, I bought the 90 delta put.
BigDGoesHard
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By the way, I use different parameters for both RSI and MACD.