SPY Has A Harmonic Need

6-17-2013 SPY MTS

SPY had an impulsive move to the upside from the 134.70 low to the 169.07 high, harmonically, the ideal minimum pullback target is 155.94, otherwise a break through current high of 169.07 has an AB=CD target at 175.77.

  • The Day chart shows while the impulsive move occurred, price held between a Pitchfork midline and lower channel line, there was a breach but failure to reach the upper channel line, this is the a clue of pullback mode
  • The most recent pullback move was larger than the previous pullbacks while forming the impulsive move
  • The Hour chart has an emerging Bullish Bat, the completion of this pattern (target 155.32) will help price reach the Day chart target of 155.94.
  • Hour chart shows price is in contraction mode, between opposing emerging patterns
  • Hour chart’s emerging Bearish Bat (blue) completion target 168.06 will help test the 169.07 high, a break through there has target 174.52 which will help the Daily chart reach the AB=CD target

Overview – Immediate important levels to break through are either 165.70 or 160.25, significant levels to break and hold are either 169.07 or 160.25 to favor pattern completion probability.