Santa Rally continue - Two sell zones to monitor
Santa Rally continues and $SPX bounced from the 2060 structure zone towards the top of the current structure zone - 2080.
Two patterns to monitor here:
1. Bearish Gartley - Completion near 2080
2. Bearish Butterfly - Completion near 2140 (new record high)
The two patterns are actually one pattern with two interpretations
The A,B and C points are exactly the same - The only difference is the D point.
Since B is very close to the 78.6 Fib level, some will consider it a Butterfly.. and yet, since it didn't touch the 78.6, some will consider it a Gartley.
With the Holidays Spirit, we can definitely see $SPX continues on Santa Rally to new high... and than again, this is the Holidays Season so I really don't trust the low volume price action.
You can consider this setup as two different setups - A Gartley setup with a stop loss above 2100 and, in case that it will fail, the next sell zone will be near 2140 with the Butterfly completion
Right now, as I'm writing these lines, it looks like $SPX will attempt to reach at least to 2100
i]Tomer, The MarketZone
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Two patterns to monitor here:
1. Bearish Gartley - Completion near 2080
2. Bearish Butterfly - Completion near 2140 (new record high)
The two patterns are actually one pattern with two interpretations
The A,B and C points are exactly the same - The only difference is the D point.
Since B is very close to the 78.6 Fib level, some will consider it a Butterfly.. and yet, since it didn't touch the 78.6, some will consider it a Gartley.
With the Holidays Spirit, we can definitely see $SPX continues on Santa Rally to new high... and than again, this is the Holidays Season so I really don't trust the low volume price action.
You can consider this setup as two different setups - A Gartley setup with a stop loss above 2100 and, in case that it will fail, the next sell zone will be near 2140 with the Butterfly completion
Right now, as I'm writing these lines, it looks like $SPX will attempt to reach at least to 2100
i]Tomer, The MarketZone
Follow me on TradingView
Subscribe to my newsletters - goo.gl/R3gPVE
Follow my blog - goo.gl/78KZsl
Subscribe to my Youtube channel - goo.gl/q8dbyT
Trade closed