Bearish Gartley Patterns $SPX
Two variants of the Gartley Pattern are representing here: the bearish bat and the bearish butterfly pattern.
Expecting one to play out and, based on the lack of divergence at the current high, expect whichever happens to be confirmed by divergence as such.
Daily RSI shall require to hit the 68 level, being the previous high on the chart, to estimate the strength of the potential bearish divergence and predict the local bat pattern or the overextended butterfly pattern.
Awesome Oscillator suggests we are currently in wave 3 of 5; so we are looking for a wave 4 correction into the mid to low 4000 range before setting up wave 5 in the mid 4200 range or to overextend to 45-4600
Personal Opinion is the Bat Pattern is more likely.
Expecting one to play out and, based on the lack of divergence at the current high, expect whichever happens to be confirmed by divergence as such.
Daily RSI shall require to hit the 68 level, being the previous high on the chart, to estimate the strength of the potential bearish divergence and predict the local bat pattern or the overextended butterfly pattern.
Awesome Oscillator suggests we are currently in wave 3 of 5; so we are looking for a wave 4 correction into the mid to low 4000 range before setting up wave 5 in the mid 4200 range or to overextend to 45-4600
Personal Opinion is the Bat Pattern is more likely.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.