SPX It looks like the Bearish Bat Pattern (with AB=CD type) has already completed, but there could be a chance for a slight gap up at the open to the ~2429 area on 07/12/2017. This may allow for a shorting opportunity. Since trading view only allows to post charts at a minimum using the 15-minute time frame, please have a look at the image below to show some finer details using the 1-minute chart.Tune into Janet Yellen's testimony before congress on 07/12/2017. What ever she says may be a catalyst for the market to head lower (or possibly higher?). Use common fib. ratios for possible exit targets. Remember that absolutely anything is possible on 07/12/2017. It all depends on what Janet says about the economy that would likely dictate how far the market will move. Having said that, I would expect to see higher volatility than normal since this is considered to be an important event.
Note
Clearly, no entry. Trade idea invalidated. Wait for next move.
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.
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.