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SP500 Adam and Adam Double Bottom Pattern in Progress

February 21, 2018 08:56

Source: Admiral Markets MT5 with MT5SE add-on

The SP500 has formed Adam and Adam double bottom pattern. Adam pattern is very similar to a W shaped reversal pattern except for the two related bullish spikes that distinguish the pattern from the W bullish. Point 1 and Point 3 form the basis while point 2 is a continuation point. The POC is formed within 2688-2700 zone and the price could spike from the zone towards 2727 (point 2). A 4h close above 2727 should target 2772 followed by 2808 on a further bullish momentum. Only below W L4 - 2662 the price might turn neutral again.

W H3 -Weekly Camarilla Pivot (Weekly Interim Resistance)

W L3 - Weekly Camarilla Pivot (Weekly Interim Support)

W H3 - Weekly Camarilla Pivot (Weekly Interim Resistance)

W H4 - Weekly Camarilla Pivot (Strong Weekly Resistance)

D H4 - Daily Camarilla Pivot (Very Strong Daily Resistance)

D L3 – Daily Camarilla Pivot (Daily Support)

D L4 – Daily H4 Camarilla (Very Strong Daily Support)

POC - Point Of Confluence (The zone where we expect price to react aka entry zone)

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SP500 Instrument