MRS Watanabe
Long

validated Schiff fork on 240min BTCUSD

MTGOX:BTCUSD   Bitcoin / U.S. Dollar
627 3 1
This is a validated bullish fork, so far have action at the Lower Parallel line April 16th and June 9th             providing support. There is one near touch and rejection bellow the Median Line 24th April. 2 red arrows point to a parallel line above the lower quartile with perfect touches. Of note is the perfect bounce off the lower parallel and finding support once more along a parallel line.
price moved bellow Lower Parallel in June but BTC has recaptured the LP, which has now become supportive. A breach of the Parallel line last high around 150 will open up ML near 230 and then target resist at the UP. 350 plus
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That is an interesting chart. My beef with this tool is that it is too easy to find a setup that supports what you are already looking for. In other words, if you were bearish you could have found a setup that would have appeared to support that as well. I haven't found a way to use it that removes my bias from the process.
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at the moment, the only valid fork you can draw is a bullish one in the 240m and daily time frames,. However if price breaks the lower parallel and that LP becomes resistance, Yes I would be looking for a bearish fork, maybe in a shorter time frame. 15 min ?
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