S&P500 forms Bearish Gartley pattern, good to sell on rallies
Harmonic pattern – Bearish Gartley pattern
Potential reversal zone (PRZ) – 2400
S&P 500 has formed a temporary bottom around 2350 and jumped sharply from that level. It is currently trading around 2388.
The index has formed Bearish Gartley pattern and potential reversal zone at 2402. Any further bullish continuation can happen only above 2402 level.
On the higher side , any break above 2400 will take the index till 2429 (161.8% retracement of 2401.70 and 2354).
The near term support is around 2380 and any break below will drag the index till 2370.5 (61.8% retracement of 2357.60 and 2391.40)/2360/2350. Minor weakness can be seen below 2350.
It is good to sell on rallies around 2390 with SL around 2401 for the TP of 2355
Potential reversal zone (PRZ) – 2400
S&P 500 has formed a temporary bottom around 2350 and jumped sharply from that level. It is currently trading around 2388.
The index has formed Bearish Gartley pattern and potential reversal zone at 2402. Any further bullish continuation can happen only above 2402 level.
On the higher side , any break above 2400 will take the index till 2429 (161.8% retracement of 2401.70 and 2354).
The near term support is around 2380 and any break below will drag the index till 2370.5 (61.8% retracement of 2357.60 and 2391.40)/2360/2350. Minor weakness can be seen below 2350.
It is good to sell on rallies around 2390 with SL around 2401 for the TP of 2355
