Here’s A Bearish Butterfly At Work
For Fibonacci reversal players
there’s more than just levels or price zones that traders can focus on when
trying to gain a tradable high-probability edge.
One of the more popular patterns is called the Bearish Butterfly pattern.
13:15:00
Intraday Reversal Alert
The S&P500 (SPY)
has formed an intraday 5-minute chart bearish Fibonacci Butterfly pattern–up
.53 at 110.54.
Just as it looks like the market is going to take
flight in the shape of a butterfly (if one decides to draw in the lines, like I
did in the above chart)–you might find it turning into a grizzly old bear very
quickly, once again.
Chris Tyler