Pitchforks are used as part of a popular analysis and trading technique. In essence, there are 3 key elements to it: 2 outside parallel lines that provide support and resistance and a median line in between them. To use a pitchfork correctly, identify 3 points that are consecutive highs and lows, where the first point represents the start of a trend. The median line connects the first point to the midpoint of the other 2. Additional lines can be added at a set number of standard deviations from the median, forming parallel trend channels.
Pitchforks can be used to identify buying and selling opportunities at those lines (for trading bounces or breaks), depending on the specific rules of entry and exit a trader may have. Conservative traders will look for additional confirmation. Apart from Andrew's Pitchfork there are variations like the Schiff Pitchfork, the Modified Schiff pitchfork and the Inside Pitchfork. TradingView has smart drawing tools for all of these techniques and there is a popular chat where users share pitchfork-based ideas.
Detail @ The Chart. My mistake. Where every impulsive would have abc subwave ONLY .. (p/s my previous analysis was (w)(x)(y)purple instead of (a)(b)(c) purple)...
I believe manipulation is in full effect currently as these exchanges are trying to cover their butts to liquidate leveraged shorts that have been stacking. As a result this will extend the length of our current bear market, cause a much faster and harder drop and possibly take us to lows lower than previously expected by even the most bearish of bears. Sleep tight! :)
According to this analysis, as we expected, NDX index has fallen into main pitchfork which is 0.38 to 0.5 fibo. according to PA and Elliot wave, it can impulse into 5 wave ultimate to upper pitchfork. SL=5% below of rectangle zone.
As we get closer to the date of OPEC meeting this month, June 25th, Brent again is quite to be volatile and based on the status quo of the world right now, nothing is certain anymore as the trade wars may drag on into 2020 and even further in the future. All of us can read on the news that supply is surplus and demand is kinda low at the moment. Would it be enough...
Well it seems that I was wrong about the direction of the break from that fib time zone and my stops were hit at $7440 en-route to our current schiff pitchfork resistance.
Some elliot wave analysts called it so the pace of this recovery was unexpected to me but obviously not to a others.
If you press play on my previous chart, you can see that we reached the...
EURUSD pulled back to 61.80% retracement level and is building support around here. There's was some 16% extension beyond the previous low and currently the parallel median line of this inside set is zoomed, which shows some underlying strength of this pair at this level. It makes sense to accumulate long positions with stops below the current low for longterm...
For the last several days BTC has been grinding on the support line that has been generated by a pitchfork that connects the 2017 highs to the 2018 lows.
This pitchfork was generated in the same manner as the one from the start of the 2015 bull run which precisely predicted the top. Then in turn was used to accurately calculate the bottom of $3300. chart will be...
The white up-sloping lines are the lines of a LT Pitchfork. The dashed one is the WL1 (Warning-Line 1).
Price was not able to find support above the WL1.
So it's naturally break down and...we see a classic retest from below. Picture perfect rulebook trade!
Then price trades south again and nearly meets the Centerline of the yellow Fork.
The red dashed line is...
I've used Fib Circles, Pitchforks and hypothetical pricelines to give you an idea how the price of BTC could develop long term. It could also totally NOT play out this way and for example go down from here and never move up again... just saying, one never knows... the only thing that is predictable with BTC is that it's unpredictable. Enjoy, comment, let me know...
BTCUSD corrected 86% last time and is seemingly doing the same now. The next push lower towards the $2.7K area could be a decent opportunity to go long and hold for years. Can easily turn around here, but for now there is no haste from buyers.
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