Harmonic Trading with The Phoenix Message Board

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Strategies & Market Trends : Harmonic Trading with The Phoenix

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To: John Madarasz who wrote (368)	3/2/2003 11:05:46 AM
From: the-phoenix	Read Replies (2) of 941

Here is another view, based on the NDX chart, that shows why I am watching that same general area for a reversal: share.esignal.com In addition to the Bullish Bat* that would complete at the .886 retracement of the October rally (marked XA), there is a ton of fib support, plus gap support, in the 850-875 zone. 850 looks particularly strong, given the gap, plus an equal move (marked ab=cd) and the 2.0 expansion of the BC leg of the Gartley/Bat. I also added a time fib to show that the March 18th timeframe looks like a likely turning point from a time prespective, and this timeframe gives nice symmetry to the price patterns as well. ***************************************************************************** *Technically, this pattern is not a Gartley, but what Scott Carney has named a "Bat". The retracement at "B" to only .50 and the deeper retracement to the .886XA versus to the .786XA distinguishes the Bat from the Gartley. I personally don't consider Bats as reliable as Gartleys, but the 850 area has much more going for it than if we were watching just a Gartley or a Bat in here.

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