The two patterns shown in the chart yield precisely the same target, 136.25, so we’ll plan on shorting there if and when it is reached. Specifically, I’ll recommend buying four March 136 puts, which would be well priced at around 2.05-2.15. Since this looks like a high-odds spot for a reversal, and because it could be precipitous and opportune, we’ll be on high alert for any downturn occurring from somewhere beneath the actual target. Anything above 134.00 would be in potential camouflage territory. I am grateful to an alert Pivoteer, Steve Frewin, for spotting these coincident patterns. I might have overlooked them had it not been for his query. _______ UPDATE (February 23): We’ll put the target aside for now, since SPY has generated a bearish impulse leg of daily-chart degree.
