JamesBrown

Which of these Pitchforks, if Either, is in Play?

AMEX:SPY   SPDR S&P 500 ETF
80 1 3
Two potential new price/time relationship trajectories that may or may not work out to be of any value in the future. Both need a little more "play" (tests and reactions) to their respective median lines to demonstrate that they have some predictive value.

However, if either of their lines hold up any kind of reactive pattern to price, either as support/ resistance or as a line of symmetry in which price swings roughly equally above and below, and price ends that relationship, then the pitchfork has served its purpose of demonstrating a "change of price/ time behavior" and is cluing us in to a potential major price pivot and perhaps even change of long term trend.

It may be necessary to play with different price pivot levels to find a pitchfork that fits the current price behavior. Here, I use the all time high as a pivot to both to the pitchforks, but it may not be a good pivot for either of them. That, we may not know for sure until we get some more price action to build our pitchfork from.
JamesBrown PRO
7 months ago
The "hagopian line" of the up facing pitchfork (blue line) was tagged, but it held up, as I see it. Price did penetrate it briefly, but only with price tails, and it did behave as a strong support, thrusting price back up to where it looks like it may want to test the median line once again. So, to me, it's still a valid pitchfork.

I realize that not everyone follows the same set of rules when it comes to pitchforks and their validation parameters.
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