The S&P has topped

[bone]

Big gap move down completely nullified with authority ! There's no denying that sell-offs simply have NOT been sustainable for a very, very long time now.

 

[volente_00]

Are we there yet ?

My SPX band is currently 2290-2425

 

[Overnight]

Are we there yet ?

No dear, go back to sleep. Here, have a cookie.

 

[arbuckletboone]

Getting long here at 2408 looking for 2450

 

[Michael.jstocks]

Getting long here at 2408 looking for 2450

Very nice.
You should be at target early next week at a guess

 

[ironchef]

The original thread is so old it doesn't even show up if you search for it, but here it is:

https://www.elitetrader.com/et/threads/dragon-pattern.154290/

The math was a bit ambiguous because the failure happened below the SMA line, so there could be 2 interpretations. Nevertheless I did it from the actual failre (2350) not from the SMA.

2350+75=2425

If you pull up the weekly chart the upper BB is just above 2425, nicely corresponding to this math...

Thank you Pekelo. I read through about 6 pages of your thread on dragon-pattern. Actually I am having difficulty interpreting as they all looked like random zigzag pattern to me and when I look for them in real time they don't work? I am just not very good at patterns recognition.

 

[Pekelo]

I am having difficulty interpreting as they all looked like random zigzag pattern to me

It is an M and a W, really simple but they don't happen that often. When the double top/bottom fails (usually at the SMA line) you just add the Height to the Failure point to get the Target area.

 

[Pekelo]

2425 SPX by Friday's close....

We only reached 2419 by that deadline so, not a 100% call, but still ain't bad. (I posted it at 2400) Stocks are making new ATHs (AMZN, TSLA,etc.) so looks like we will breach it in the next 2 days...

 

[arbuckletboone]

Getting long here at 2408 looking for 2450

Waiting waiting.

 

[Pekelo]

Sorry guys, I might have jinxed it with my previous post.