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Bearishnenstar

SPX Bearish Nenstar (Shark) completing at 3047-3060Bearish Nenstar harmonic, cousin to shark, cypher, bat/butterfly patterns; a Gartley variant. Typically the selloff from pattern completion at D is a .50 retracement of the CD leg up. In this case, price would be expected to drop ~150 pips to close the gap at 2864. Nenstar and Cypher patterns are variants of Sharks. Basic form: C is lower than A. In Bearish Butterflies & Gartleys, C is higher than A. Sharks: Nenstar D is higher than X, Cypher D is lower than X. All variants of the same theme = 'W' pattern leading to price correction. Nice examples here: www.traderslaboratory.com NB: Final move C-D in Nenstar may extend to 1.272 - 2.00 of A-B. In this case, 147 pips for AB x 2.00 = 3060, maximum pattern height. This is just an idea and in no way constitutes investment advice; GLTA!!
TShort
by DaddySawbucks
39