S&P Bearish Gartley
As I wrote in one of the comments, the configuration doesn’t have to be exact to still behave like a Gartley. Investing.com has a Gartley tool that I applied while following the textbook rules. It’s very close to textbook and meets the criteria as far as I’m concerned. I’m not a Gartley expert but Ive traded them before successfully. In blue I wrote the general rules for the geometry. You can see how close it is. If anything, prices don’t need to go any higher but perhaps they need to move sideways just a little more before the geometry is even more exact.
Edit: Added a chart below that provides some non-Gartley indications of a possible swing high close at hand in the S&P.
I looked more. Besides your example, I can’t find a single example of a Gartley X connect point starting at the pattern break point.
Perhaps Ive been misapplying the pattern after all this time. ?
Did you relook? Looks like you may have been, but heck not many of us ever heard of the thing till you mentioned it!
Thanks again for showing it to us.
So if X is placed at the top of the move and I draw it so that the geometry is as textbook as possible, a move up further to 2053 would be ideal. I will definitely keep an open mind here but I think it’s already close enough to still be valid. Plus some of my other charts are suggestive of a top at current levels. We will see!
http://invst.ly/4obn
Good points. Have to watch.
I added another chart to the main post.
http://charts.dacharts.net/2015-10-08/d1188.png
upslope in control.. going to be interesting
Once again… Nice work. The next couple days will tell us if it will be here or 2050… either way atleast we won’t be surprised.
Mark, Thanks for the post and the lesson. Much appreciated. Nice work and we will find out soon enough.