themarketzone
Long

Bearish Gartley or Bearish Bat? Two scenarios for S&P 500

AMEX:SPY   SPDR S&P 500
$SPX             managed to close above 1920, which was last week's support zone (1900-1920).
During the week, $SPX             touched 1900, rallied to touch the resistance near 1980 and ended up closing below the important 1950 level.

I still think that $SPY and $SPX             will stay above 190 (1900) and continue higher towards 200 (2000) but.. if they won't, there are two patterns I'm watching.
1. Gartley pattern on $SPX             - Completes near 1880
2. Bat pattern on $SPY - Will be complete if price will decline all the way down to 184

Obviously the first pattern to focus on, in case $SPX             will break below 1900, will be the bullish Gartley near 1880


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Maybe.. Just got this feeling you know..
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Too soon to look for a bounce I think.
+1 Reply
Bullish of course...
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