SPX Bearish Bat Pattern

2017年7月11日

SPX It looks like the Bearish Bat Pattern (with AB=CD type) has already completed, but there could be a chance for a slight gap up at the open to the ~2429 area on 07/12/2017. This may allow for a shorting opportunity. Since trading view only allows to post charts at a minimum using the 15-minute time frame, please have a look at the image below to show some finer details using the 1-minute chart.



Tune into Janet Yellen's testimony before congress on 07/12/2017. What ever she says may be a catalyst for the market to head lower (or possibly higher?). Use common fib. ratios for possible exit targets. Remember that absolutely anything is possible on 07/12/2017. It all depends on what Janet says about the economy that would likely dictate how far the market will move. Having said that, I would expect to see higher volatility than normal since this is considered to be an important event.

2017年7月12日

註釋

Clearly, no entry. Trade idea invalidated. Wait for next move.