Using an Andrew's pitchfork, a price target of 1307.19 was projected for 25 August (35 days forward from swing low on 7 July) . Price traded up into target area but hit resistance at 1297.2, forming a triple top pattern and signalling a reversal.The projected 35 days are up so price should now reverse and move lower. Stochastic RSI is also showing bearish divergence further signalling a bearish reversal.
To confirm the move lower and to enter the trade, wait for two bearish candles to form and price to trade through 20 Day MA. One this has happened, enter trade and set target price for around 1218.60 (support line). A new Andrew's pitchfork can be drawn once a pivot high has been confirmed and a more precise time and price target can be identified.
Remember, only enter the trade once there is confirmation of a new down leg (two bearish candles to confirm a pivot high and price to trade below 20 day MA
To confirm the move lower and to enter the trade, wait for two bearish candles to form and price to trade through 20 Day MA. One this has happened, enter trade and set target price for around 1218.60 (support line). A new Andrew's pitchfork can be drawn once a pivot high has been confirmed and a more precise time and price target can be identified.
Remember, only enter the trade once there is confirmation of a new down leg (two bearish candles to confirm a pivot high and price to trade below 20 day MA