Night_Trader
Short

Bearish Cypher pattern ahead on the SPY

BATS:SPY   SPDR S&P 500 ETF
461 2 1
Bearish Cypher pattern ahead. Target could be the latest broken resistance, because of possible support there now.
Hi, I'd like to find more information about the Cypher Pattern...what the Fibos levels to look for...Can you tell me where I can find these informations. Thank you.
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A Cypher pattern is a retrace to at least a .382 and than going to the 1.272 extension. After that another retrace to the .786 of the whole move (including the extension). Here price should turn around. For stops you could use the previous high or the .886 retracement (whole move). Targets depend on bigger trend direction and previous support levels. I think the cypher pattern has been invented by a guy called Akil Stokes, but I am not completely sure about that. You can google him.
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