whiteknightmoving

SPY - Calls sold! nice profit! Possible new targets now

Long
AMEX:SPY   SPDR S&P 500 ETF TRUST
This morning we sold calls at about 7am for a nice profit. We are now looking for the pullback into the point C shown around a 61.8% retracement of this mornings gap high from yesterday's low. If we get into the buy zone indicated, We see 2 possible patterns developing ( Gartley and Deep Crab not shown). The pattern shown in purple is a traditional Shark Pattern similar to the Gartley Pattern. (the Gartley uses a 78.6% retracement instead of an 88.6%). The blue is an extended Shark pattern using the 112.8% extension of XA. I like these 2 patterns the best, as it has prices terminating around previous wave 4 high, and the previous zone of the waves 3-4 of the 3rd wave down. The resistance lines shown help to point out the areas of interest.
Let's see if we can make some more money!
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