We've been waiting and waiting and now all the talks are over... Yellen, Draghi.. those are all behind us Now its time for action - Up or down? Breakout? or pattern reversal move?
so far, you are the second Gartley post that worth a 3rd look :-)
as i have seen many S^&* Gartley practitioners post it anyhow and got very wrong still feeling very proud of themselve, geeze
themarketzone
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Thank you.. Appreciate the kind words
IvanLabrie
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Indeed...this one's a good analysis. Most try to form fit a pattern where they see fit and fail.
mistyhunter
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I am still long until i see a bear sign. Dont be too smart to guess where the market will go, just follow you tested trading system.
themarketzone
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Ok..
I am trading my system. I'm trading what I see.
As for the short term, the R/R here is great. If the SPY will break below 208$ and 206$ it'll be a different ball game. For now.. short term
damdaman
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I'm leaning short-term bearish, at least to 208, but your pattern is based on a computer glitch. That ridiculously high candle on 12-18 was the result of someone's blown algorithm in the last minute of trading and doesn't represent actual market sentiment that SPY was valued that high on that day.
themarketzone
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As much as I recall, this day was a day of an FOMC statement and there was a strong intra-day reversal. I may be wrong, but that's my record.
Those glitches usually occur on FX.
Anyway, this is my pattern.. 208 is definitely the initial target level