Bearish Butterfly Pattern on SPY?
Is the right time for a short position? Can we expect a bearish market predicted by bearish butterfly pattern and fear from the 2nd wave of Covid-19?
Note
Just waiting for negative momentum. If the negative momentum is refused by the market, the price will likely attack resistance at 333$.Note
If the price will achieve the 333$ resistance, the earlier Fibonacci retracement value (1.109 and 1.639) will be changed to about 1.34 and 1.76 respectively that corresponds more closely to bearish butterfly pattern. Therefor for market prediction purposes, decline to point B would be still actual.
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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.