The Dow and S&P have been topping for the last few weeks. Yesterdays fall stopped in an interesting place.
The chart shows three parallel lines. They represent overall trend of price for the last few months. The middle and lower lines were cloned from this.
The Pitchfork is non standard and is used only to show slope and Fibonacci levels.
One the one minute chart we can see a breach of the median line and retracement to it. Support becomes resistance .
We may see another leg down at the New York open.
Targets 2681, 2635 , 2600
The chart shows three parallel lines. They represent overall trend of price for the last few months. The middle and lower lines were cloned from this.
The Pitchfork is non standard and is used only to show slope and Fibonacci levels.
One the one minute chart we can see a breach of the median line and retracement to it. Support becomes resistance .
We may see another leg down at the New York open.
Targets 2681, 2635 , 2600
Trade active:
Comment:
V shaped bottom. Already up 15 points
Comment:
now up 70 points.
This is an important area because it is 2800 and because it coincides with the median line of the modified pitchfork
This is an important area because it is 2800 and because it coincides with the median line of the modified pitchfork
Comment:
close long position at 2780 and open short position
Comment:
55 points profit
Comment:
close short at 2773.5 open long
Looks like temporary low. Consider Long here for one or two days 2735