TomNewYork

Potential Long Term Bearish Butterfly Pattern in SPY

BATS:SPY   SPDR S&P 500
292 0 1
The SPY             is literally within inches of a key final fib resistance level (181.93) that would define a potential turning point level on the long term SPY             chart.

The large potential bearish butterfly pattern encompasses the entire 2007 to 2009 correction as well as the entire 2009 to 2013 mini bull market.

Because the size of the pattern is so large, any potential top in the market is likely to take several weeks to a few months.

If the 181.93 level is violated significantly to the upside, then it could imply a market that wants to ignore this pattern and go much much higher.

However if 181.93 is respected, then look for signs of market weakness and churning and price failure.

More price data is needed (a few months) before any final verdict can be reached.
English
English (UK)
English (IN)
Deutsch
Français
Español
Italiano
Polski
Türkçe
Русский
Português
Bahasa Indonesia
Bahasa Melayu
ภาษาไทย
Tiếng Việt
日本語
한국어
简体中文
繁體中文
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out