A quick look at the big picture. Check out the Big Red Line. Looks like a backtest, no?
A closer look:
UPDATE: 12:50 PM
Very interesting Butterfly completing on Nasdaq 100 (NDX.)
The 5 year daily chart shows it's backtesting a three-year trendline.
UPDATE: 12:40 PM
SPX just a couple bucks from an intra-day Gartley completing. The .786 is just over 1216.
UPDATE: 12:00 PM
ORIGINAL POST: 10:15 AM
SPX completed a Bat pattern at the .886 Fib level. It's not terribly well-formed, with point B being too high and C too low. But, the .886 Fib retrace is right on the money. It roughly corresponds to the +1 regression channel line (dates back to Aug 8) as well as Trend Line B that saved the bears' bacon back on Aug 31 and Sep 1.
This rally has gone 30 points past the highest level I thought it was capable of; so, I call this the top with a great deal of trepidation. However, similar reversal patterns are setting up across the market.