SPY "Potential Pattern"

SPY Pattern

In reference to my previous post here ,seems to be slowly playing out.This is anticipating a pattern that has not completed yet and will take weeks or more to form.I'm watching to see if spy gets to 101 area to form a neckline,then possibly form the right shoulder of what is appearing to be a head and shoulder bearish pattern,but we'll see in time.

Areas to watch

The markets are getting sold off as I write this.Areas to watch on the SPY are here at 108,105(tail of the flash crash,and a measured move of the wedge that was formed and now playing out.),102-101 coincides with the 100sma and 38% retrace of the entire rally from 2009and last,but not least,around 95 which would be a 50% retrace of the "rally".Keeping in mind that patterns take time to form,and that all technical analysis can get thrown out the window during "crashes" these are general areas to watch and see how price acts around them. On the upside 112-115 will be an area to contend with,but I think at some point we could see that spy 95 area.Have to see how things play out over time,probably next 1-3 months.

Rise of the machines?

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