Hourly pattern worked, now we need a close above the 50 SMA Long

S&P 500 index of US listed sharesFXCM

Description

⋅ Aug 26, 2015 8:36 AM

A small bullish Gartley managed to stop yesterday's decline and push SPX higher to meet with the same line that he couldn't deal with yesterday.
If SPX will close above the 50 SMA line, it could probably rally towards 2000 to meet the 200 SMA line and the 61.8 Fib level.
That's the final target level of the Bullish Gartley setup I've tweeted last night - twitter.com/themarketzone/status/636283710665457664

SPX (S&P 500 Index)Harmonic Patterns Gartley SPDR S&P 500 ETF (SPY)

Comments

IvanLabrie

⋅ Aug 26, 2015 10:41 AM

Great, I placed a limit sell at 1970.40, stop at 2107.40.
Not willing to long here.

themarketzone

⋅ Aug 26, 2015 11:27 AM

I understand you.. From my trading experience it just feels like it's going to get there.
Good luck

themarketzone

⋅ Aug 28, 2015 4:27 AM

Time to take profit on that trade.. although I still think it'll reach 2000.
Too close to the 200 MA.

themarketzone

⋅ Aug 27, 2015 4:43 PM

Approaching target level