Look for Big Dip to the Downside
04/15/2015 7:00 am EST
Christopher Terry, of iMarketsLive.com, shares a video in which he examines the 4-Hour chart on the S&P E-mini Futures and highlights the Gartley pattern that formed and what to look for moving forward.
Looking at the 4-Hour—or a 240 min—chart on the S&P 500 E-mini Futures, traders can see the Gartley pattern that formed as well as the smaller harmonic pattern within that where the market found support. Moving forward, look for any rally up into the 2093-2098 zone, because any push up into this area should find resistance.
However, if the market should break below the 2085 area, look for a much deeper move down into the 2076 or even the 2064.5 zone. Traders should watch to see if the market stays within the confines of the Gartley pattern. Look for a shorting opportunity on any push up early on, though overall, the market could still have another big dip to the downside.
By Christopher Terry, Contributor, iMarketsLive.com