Here’s A 60-Minute Chart Reversal Setting Up
There’s a Zen proverb that
says, ‘He who soars not suffers no fall.’
Personally, I enjoy the Zen
mentality when it comes to approaching one’s trading– but when I see
patterns that line up against key resistance, I prefer to think of the ol’ tea
leaves first and foremost.
12:52:07
Extended Intraday Setup Alert
The S&P500 ETF (SPY)
is putting in a Bear Butterfly on the extended 60-minute chart–up .11 at
111.96. The index proxy is testing a daily chart resistance zone comprised
of both 50-day MAs and a 50% retracement level from the April pivot highs.
This one hasn’t actually triggered yet if one uses a pivot high bar on the
60-minute chart against the daily zone. I am ready however, ahead of
time–because I also know that certain things weren’t meant to ‘fly’ so high,
without pulling back from the direction in which its flight began.
Chris Tyler