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Yesterday I published three bullish harmonic patterns for SH, DOG, and PSQ             . These are the SHORT shares for the DOW-30, S&P 500             , and QQQ             .
The S&P 500             is still "The Last Man Standing", but I don't think for very much longer. The SH, DOG, and PSQ             harmonic patterns are bullish (please review yesterdays charts that I submitted). This means the markets should sell-off.
As for the SPY             chart (above, proxy for the S&P 500             ), the harmonic pattern I see is a bearish Alt Bat pattern.
The BAT is a HARMONIC reversal pattern that allows you to enter the market at extreme highs or lows.
It is similar to the Gartley and Butterfly patterns. To trade the BEARISH BAT , enter the market with a short trade at point D of the pattern – the price should reverse direction here. I have highlighted with two red arrows the retracement targets to monitor.
For an aggressive profit target, place your take profit order at point A (February 2016 bottom). FOR THIS TO HAPPEN - The 200 day moving average at 2018 must be breached to the downside. For a more conservative profit target, place your take profit order at points Fib Target 1 or Fib Target 2.
The S&P 500             has held up for a long time. With interest rates so low it's the only logical place that money managers tend to "play".
But I think the smart money is setting you up for a fall. The phase energy is falling FAST (top indicator by long red arrow), and the alligator jaws are reversing to the downside (red arrow, far upper right, at 210). It is tough to go short in this market. But stick to your guns - this market IS NOT CHEAP BY ANY MEANS.
I suggest that you remember these words: “Acting on your convictions is the ultimate test of your faith in your convictions.”
This is the end of part 1. Part 2 is the chart of QQQ             which just completed a similar harmonic pattern as I am showing you here.
Only QQQ             is falling as the harmonic pattern suggested. I believe the S&P 500             will follow in Powershare QQQ             footsteps.
I hope this has been helpful, entertaining, and informative. May all of your trades go well. Don.
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