******* Tradingview turns my Modified Schiff Pitchfork into an Andrew's Pitchfork when I publish it, so all the trendlines are incorrect. This is my second attempt to publish it ****
Tradingview cannot seem to publish a Modified Schiff Pitchfork. So refer to this picture:
for the ACTUAL slope I am looking at
I've been really bullish on FB-1.20% for a while but it looks like it's tired out of the last few weeks. It's probably just building structure. The recent reaction (Reaction 1) coincided perfectly with the extension of the Action 1 line from the Center Line.
If we maintain this slope and projection on the reaction from Action 2 then Reaction 2 should end right at the lower median parallel of the larger trend.
I see two options:
1) A strong move up immediately using .5 RT-0.26% and middle trendline as support
2) Larger reaction to the low of the fork which would build a strong base and really catapult the market to new highs. Probably the Median Line at least
If the market enters a bear market we'll see this in the structure in the next week or so.
Tradingview cannot seem to publish a Modified Schiff Pitchfork. So refer to this picture:
I've been really bullish on FB-1.20% for a while but it looks like it's tired out of the last few weeks. It's probably just building structure. The recent reaction (Reaction 1) coincided perfectly with the extension of the Action 1 line from the Center Line.
If we maintain this slope and projection on the reaction from Action 2 then Reaction 2 should end right at the lower median parallel of the larger trend.
I see two options:
1) A strong move up immediately using .5 RT-0.26% and middle trendline as support
2) Larger reaction to the low of the fork which would build a strong base and really catapult the market to new highs. Probably the Median Line at least
If the market enters a bear market we'll see this in the structure in the next week or so.
Comment:
FB nearly perfectly hit 109 target at lower median line parallel and was triggered long