Edited by colion, 03 August 2011 - 11:35 PM.
GSPC Bearish Butterfly
Started by
colion
, Aug 03 2011 11:31 PM
2 replies to this topic
#1
colion
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Posted 03 August 2011 - 11:31 PM
What a difference a couple of weeks makes. Originally was looking for a Butterfly top on 8/2 +/- (GSPC Pattern Post) but thanks to our leaders it morphed into a bullish butterfly.
#2
dasein
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Posted 04 August 2011 - 09:44 AM
how much further down can it go and still be a bullish butterfly?
how far up does it project?
we have a chance to bounce down in the tza to 34, but we could just go parabolic.
best,
klh
klh
#3
colion
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Posted 04 August 2011 - 10:34 AM
how much further down can it go and still be a bullish butterfly?
how far up does it project?
we have a chance to bounce down in the tza to 34, but we could just go parabolic.
I don't give a Fibonacci pattern more than a couple of percent before considering it broken (around 1200) although some of the "gurus" in the business use about five percent. As for the retracement, standard Fiboanccci retracement levels usually work OK with an initial target in the .382-.618 range (around 1270-1300) and from that point use your usual techniques to evaluate the move.
