SPX-SPY Making a Bullish 5-0 Pattern? Short Target
The past few weeks we have been looking for a possible short target in the SPX.
Here is an 1 hour chart update.
As we can see, today's huge gap down reversal up, may in fact, only be "kissing" the underside of the
black trendline from March 23, 2020 lows.
If we look at the bigger picture, the blue Harmonic "Bullish 5-0 Pattern" may still be the pattern to look for.
Also note a possible Deep crab pattern (as shown in pink)
These patterns target a possible low as shown in the next 10 days or so.... we'll see.
Price target to close the shorts is near the calculated 3773.6 area or so.
If price breaks the recent high, then pattern is voided.
Lets continue to hold our March 19 puts until the target zone is reached.
At that point we can close our position, buy calls and go long....
after all it is a "Bullish 5-0 Pattern" to continue up higher this year!
Here is an 1 hour chart update.
As we can see, today's huge gap down reversal up, may in fact, only be "kissing" the underside of the
black trendline from March 23, 2020 lows.
If we look at the bigger picture, the blue Harmonic "Bullish 5-0 Pattern" may still be the pattern to look for.
Also note a possible Deep crab pattern (as shown in pink)
These patterns target a possible low as shown in the next 10 days or so.... we'll see.
Price target to close the shorts is near the calculated 3773.6 area or so.
If price breaks the recent high, then pattern is voided.
Lets continue to hold our March 19 puts until the target zone is reached.
At that point we can close our position, buy calls and go long....
after all it is a "Bullish 5-0 Pattern" to continue up higher this year!
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