Bearish Gartley or Bearish Bat? Two scenarios for S&P 500
$SPX managed to close above 1920, which was last week's support zone (1900-1920).
During the week, $SPX touched 1900, rallied to touch the resistance near 1980 and ended up closing below the important 1950 level.
I still think that $SPY and $SPX will stay above 190 (1900) and continue higher towards 200 (2000) but.. if they won't, there are two patterns I'm watching.
1. Gartley pattern on $SPX - Completes near 1880
2. Bat pattern on $SPY - Will be complete if price will decline all the way down to 184
Obviously the first pattern to focus on, in case $SPX will break below 1900, will be the bullish Gartley near 1880
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During the week, $SPX touched 1900, rallied to touch the resistance near 1980 and ended up closing below the important 1950 level.
I still think that $SPY and $SPX will stay above 190 (1900) and continue higher towards 200 (2000) but.. if they won't, there are two patterns I'm watching.
1. Gartley pattern on $SPX - Completes near 1880
2. Bat pattern on $SPY - Will be complete if price will decline all the way down to 184
Obviously the first pattern to focus on, in case $SPX will break below 1900, will be the bullish Gartley near 1880
This analysis is part of the Weekly Markets Analysis newsletters
To read more interesting technical reviews - goo.gl/8A6fTH
To subscribe to the newsletters - goo.gl/HXjCPV
