fxkronk
Short

SPX500: Bearish Gartley Pattern Completion

FX:SPX500   S&P 500 Index
Bearish Gartley Pattern Completion. As you can see in the chart point D of the pattern tests a short term resistance level (triangle)

Entry Point: 1961
Stoploss: 1977.5
Profit Target: 1892.7
Very nice chart. I think that we are heading towards Butterfly completion higher (X being Aug 29th high).. but for now, definitely that's an interesting option as long as the price is below 1970
Reply
IvanLabrie themarketzone
I agree with you mate. That wave IV idea doesn't fit with my projections. Also the proportion is way off for it in comparison to the wave i-ii-iii size.
It's more than 3x the size of any of those individual legs, it can't be of the same degree of scale. (not per neowave at least)
I think we will see a move up before this is a short again.
+1 Reply
Lol just entered an order to short this... nice spotting
Reply
fxkronk dionvuletich
I wish you good luck :) It looks like a high probability setup this one..!
+1 Reply
yeah it looks like a wave 4, I've shorted the c leg and about to short the e leg, so if it goes down i will be happy(er)
+1 Reply
not to dipute but this is a ralley in a bear as you see it?
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fxkronk Rob Wallace Williams
I think we are at the end of corrective wave 4 in an bearish elliot wave cycle. We have one more impulsive leg down (5th wave)..
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