The Schiff pitchfork in TV is a bit different than how I utilize it. I use the midpoint of the prior swing (the Schiff swing) as P0 to construct Schiff pitchforks. The predefined modified Schiff pitchfork of TV yields a similar picture for this particular chart, too. Now the big red candle shows great bearish strength, since one should not expect such a motivated move at that exact point before reaching UMLH. This signals the end of a-b-c correction, and we might expect to see more selling until ML.
The Fib sequence on the chart is calibrated to the Schiff swing, and also plays a confirming role with regard to the EW count. The market may have already targeted one of the extension levels. Stoch crossover below 50% in play. These all tell a bearish scenario. Though we may witness a consolidation before continued downward action.
The Fib sequence on the chart is calibrated to the Schiff swing, and also plays a confirming role with regard to the EW count. The market may have already targeted one of the extension levels. Stoch crossover below 50% in play. These all tell a bearish scenario. Though we may witness a consolidation before continued downward action.
