Bearish Bat Harmonic, SPX Short
The Bat gives us much shallower targets than the Gartley I posted earlier but may be more precise. Maybe they will both play out and we'll reach March lows (and then some) after all. But if we're trading the Bat (hoping for the Gartley), the three targets are 38%, 50%, and 100% of AD, starting around June 22nd through to July 15th.
The difference between the Gartley or the Bat pattern for this move is where "A" is placed. On this Bat, placing "A" at 2478, gives us all of the correct fib rules (give or take 1%) for each leg, with the March low being an extension of price point "A" before reversing.
I posted a gartley/bat chart earlier, but I wasn't satisfied with point "C" not following the correct Fibonacci rules with "C" and "D". Finding the correct points can be an art as many say, but I'd feel more comfortable trading it if the fibs were only a couple percentage points off, rather than a large chunk.
This is not trading advice. Good luck and happy trading.
The difference between the Gartley or the Bat pattern for this move is where "A" is placed. On this Bat, placing "A" at 2478, gives us all of the correct fib rules (give or take 1%) for each leg, with the March low being an extension of price point "A" before reversing.
I posted a gartley/bat chart earlier, but I wasn't satisfied with point "C" not following the correct Fibonacci rules with "C" and "D". Finding the correct points can be an art as many say, but I'd feel more comfortable trading it if the fibs were only a couple percentage points off, rather than a large chunk.
This is not trading advice. Good luck and happy trading.
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