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Strategies & Market Trends : Harmonic Trading with The Phoenix
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To: John Madarasz who wrote (121)11/29/2002 5:12:00 PM
From: the-phoenix  Read Replies (1) of 941
 
Thanks, John. I started watching that potential pattern on the SPY/SPX on Wednesday. The original Butterfly (mislabeled a Gartley) has the potential to morph into a Three Drives pattern, but so far the throwover above the 1.27XA at 940 is minimal and within normal bounds. However, the fact that the Reversal Zone initially held and there was a sharp pullback to between the 50% and 62% retracements of the CD leg suggests that this pattern is no longer the one to watch, so my attention is now turned to this Three Drives that would complete in the 950s, I think. Alternatively, a followthru to the downside on Monday would likely negate that pattern.
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