fxkronk
Short

SPX500: Bearish Gartley Pattern Completion

FX:SPX500   S&P 500 index of US listed shares
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
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)..
snapshot
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Lol just entered an order to short this... nice spotting
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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)
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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
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IvanLabrie PRO 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
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