Bearish Gartley in SPY Short

SPDR S&P 500 ETF TRUSTArca

Description

⋅ Jun 24, 2015 8:40 PM

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.

Comments

BabushkaTrader

⋅ Jun 24, 2015 8:44 PM

Bullshit

TomNewYork

⋅ Jul 2, 2015 4:12 PM

still think my post was bullshit ????

Billhinge

⋅ Jun 24, 2015 11:02 PM

You don't show what time scale you are working in?

TomNewYork

⋅ Jul 2, 2015 4:12 PM

these are daily price bars

Billhinge

⋅ Jul 2, 2015 8:31 PM

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?

TomNewYork

⋅ Jul 5, 2015 2:56 AM

I use a pattern detector and there is a margin of error on the individual retracements.

Billhinge

⋅ Jul 5, 2015 10:40 AM

Thanks, I use a pattern detector but even so they can be a bit less than obvious as to where to put the points