themarketzone
Short

Santa Rally continue - Two sell zones to monitor

FX:SPX500   S&P 500 index of US listed shares
577 3 11
11 months ago
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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11 months ago
Comment: Reached final target level - Looks good on weekly chart for continuation.
Trade closed
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Tomer J,
The Market Zone - You trading Edge
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Gartley pattern's target reached -Happy New Year everyone
Reply
IvanLabrie TOP
11 months ago
This is a very interesting level.
Reply
Agree. I think we are heading lower, but perhaps some pullback
Reply
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