FX:SPX500   S&P 500 index of US listed shares
130 0 2
This is not the market that I trade regularely. Pls treat this post as "thinking aloud".

I am not too hang up on quoting fancy names of harmonic patterns . I simply look for confluences of some key Fib numbers.

It appears that there are a couple of "mutant" Butterfly patterns developing on 1H timeframe.
I would look to the larger one as the key. Within the BCD swings of larger pattern there is a minor pattern that could be considered as "failed" as price has really travelled quite a distance above its PRZ, hence I am not posting specific numbers of PRZ for this minor pattern.

Major pattern however has the following relationships evident. X to D is 1.272. And ABC to D has 0.786 extension.

This is not a perfect pattern. And I certainly would not trade simply on basis of this pattern.
But this could be a basis to look out for any bearish developments in short to mid term.

Some additional supportive evidence is a decending triangle just around PRZ (marked with blue lines) and a bearish divergence between price action and RSI .

So hope this will help some one. Happy trading

DISCLAIMER: Trading is a risky business and there is possibility of losing all your trading capital and more. This post is not an advice or an instruction to trade and does not gurantee profitable outcome. This is for informatoin purpose ONLY. Choice to act on this information is your own and hence responsability for outcome of that choice is also your own. I am not liable for any adverse outcomes.

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