ES and SPX are completing a Bat Pattern this morning. Look for a reaction at SPX 1809.62 — the red .886 Fib level. Charts in a few…
continued for members…
UPDATE: 9:42 AM
SPX tagged the red channel midline at 1809.08. Probably close enough, though watch out for the non-reaction we talked about last week. The key will be what it does back down around the .786 at 1806.18.
UPDATE: 12:00 PM
UPDATE: 1:20 PM
Best guess is 2PM EST for SPX 1806.92, then 1823.42 tomorrow between 11am-2pm.
RSI tag of the yellow channel bottom would bolster the case…
UPDATE: 2:45 PM
Almost got the tag. Better hurry if it’s still coming…
UPDATE: 3:06 PM
Quite often, the critical turn of the day occurs at 3:34 PM ET. On the West Coast, this translates into 12:34PM (typing in “1-2-3-4” several times every month gets your attention.) Let’s see if it happens again today.
Buyers lining up at ES 1807… The .886 of this morning’s low is 1806.85.
UPDATE: 4:00 PM
Pretty darned close at 12:30. It got even closer at 12:56 — 1807.02 versus 1806.92.
More later.
Comments
One response to “Charts I’m Watching: Dec 9, 2013”
PW, “I have some very interesting charts to post regarding the implications
of completing the big Butterfly Pattern. As mentioned before, there
are two versions: mildly upsetting, and leaping- from-windows ugly.
I’ll try to get them posted later this afternoon.” Did you post these two versions yet? I received and email of a new posting on Saturday but nothing came through on the site yet. Thanks