We have a Bearish Bat pattern on CMG daily. The XAD leg extended to the 0.886 . Scot Carney recognized the Fib symetry of this pattern XAB stops at the 0.50 and XAD completes at 0.886 If this pattern plays out it will not bode well for CMG
We have a potential Bearish Gartley pattern on the Monthly ES chart. The symetry of XAB stopping right near the .618 and XAD so far stopping very close to the .786 makes this a very interesting time for the markets. We do not have AB=Cd but we have CD being a little more than.618 of AB. And there is an external extension of BCD that stops at the 1.618. With all that being said the point is that the markets could be getting ready to reverse in this general area of 1375 to 1390. I for one would lighten up on long stock positions
This pattern is still in play to the short side. A sharp break of 1245 can take us to 1150 in the near term. we are sitting on the edge of the cliff. For the record, I do not have any positions on. We are at a very critical area. Be careful.