Potential Cypher Pattern

Potential Cypher Pattern may occur. Target date is about Wednesday, March 29th @ 1:30PM EST. It is improbable that this will happen, but something to consider. Entry is around 2368-2372 zone. Stop loss is at about 2376. You can use common Fib. ratios as profit objectives. This retest could be to confirm a rejection of the near-highs or the market may be ready to move higher. I would likely discard this idea if the market opens down on Tuesday, March 28th.

Note

This trading idea remains intact. I am actually pretty surprised at the market's resilience. Hopefully the move that I am expecting occurs on Wednesday, March 29th. It could be a gap up at the open around the 2368-2372 area then a steady move down.

Note

Additional details based on the original post.

Note

Another interpretation: We could be forming a large inverted-SHS containing the Cypher pattern, which in turn may serve as a mini correction to create the right shoulder. The right shoulder may go as low as 2340-2350. Anything deeper is very bearish. If this extended idea holds true, this may be the precedent to new all-time highs. Lastly, notice carefully the aggressive move for the orange arrow. It will take some really good news and extreme buying power to move this index to those higher levels. In particular, the 2400 level.

Note

Some possible pathways.

TheSwinger

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

TheSwinger