Harmonic Trading with The Phoenix Message Board

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Strategies & Market Trends : Harmonic Trading with The Phoenix

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To: the-phoenix who wrote (55)	11/18/2002 8:23:51 PM
From: the-phoenix	Read Replies (1) of 941

More Fun with Butterflies, theories, projections, conjecture: Following up on this scenario: share.esignal.com Recall I was looking for SPX to roll over this morning at about 914 at the Andrew's Pitchfork mid-tine and the .786 retracement of the post Nov. 6th selloff. Then start a pullback towards the 888-890 area where there is some support. Currently, this is how I see this leg possibly playing out: share.esignal.com Assuming some sort of bounce off SPX 900 tomorrow morning, we could retrace back to the 905-910 area, prior to a drop to that 890 area. If this happens, it strengthens the case for a bounce at 888-890 as a bullish butterfly in the 15 minute chart would complete right in that same zone as the .618 retrace of last week's rally and the lower tine of the pitchfork. This area would likely be reached by late tomorrow or by Wednesday morning. Assuming we do reverse there, I would expect the next move from there to be up to new highs by early next week. If instead we continue lower, then a likely downside target would be the 825-830 area. The way I am trading this is to hold a stop on my current short above this afternoon's high in the 910 area, with the potential to add new shorts in the 905-910 area tomorrow. I will take profits in the 890 area if reached, then stand aside to re-assess what the next move is likely to be. I have a minimum profit on this trade of 2 points, and a maximum target of about 25 points. Phoenix

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