TomNewYork
Short

Bearish Gartley in SPY

AMEX:SPY   SPDR S&P 500
There is a bearish gartley pattern in the SPY             . This pattern is also seen in the well diversified NYSE index. This particular pattern gave a clue it might work with the 2 candlestick dojis at the D point of the pattern.

The sign of weakness today seems to confirm that this pattern is working and could lead to heavy selling going into next week.

Note that a harmonic pattern also displayed itself at the 1987 top and there was also a DOJI near the end of the pattern before the final crash leg unfolded.
You don't show what time scale you are working in?
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these are daily price bars
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Billhinge PRO TomNewYork
Thank you ;-) Do you spot these by eye or do you use a pattern detector script? How necessary is it to get the numbers textbook accurate?
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I use a pattern detector and there is a margin of error on the individual retracements.
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Billhinge PRO TomNewYork
Thanks, I use a pattern detector but even so they can be a bit less than obvious as to where to put the points
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Bullshit
+1 Reply
TomNewYork PRO BabushkaTrader
still think my post was bullshit ????
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