SPX500: Bearish Gartley Pattern Completion Short

S&P 500 index of US listed sharesFXCM

Description

⋅ Sep 8, 2015 10:20 AM

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

S&P 500 (SPX500)Gartley Harmonic Patterns

Comments

themarketzone

⋅ Sep 11, 2015 10:41 PM

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

IvanLabrie

⋅ Sep 12, 2015 1:38 AM

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.

dionvuletich

⋅ Sep 8, 2015 10:46 AM

Lol just entered an order to short this... nice spotting

UnknownUnicorn99356

⋅ Sep 8, 2015 11:05 AM

I wish you good luck :) It looks like a high probability setup this one..!

dionvuletich

⋅ Sep 8, 2015 11:14 AM

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)

Rob_Wallace_Williams

⋅ Sep 8, 2015 10:22 AM

not to dipute but this is a ralley in a bear as you see it?

UnknownUnicorn99356

⋅ Sep 8, 2015 10:36 AM

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)..