Not yet Star Wars day (May 4th) but if we apply the pitchfork to the chart, (and use a little poetic license), we can see whats been hampering the progress. If the price can break above the current tine, we will get support from it, probably bounce around in the next channel, bull or bear, who knows but at present, we remain bullish.
Of course, if we continue to be rejected by the tine, we could possibly see a move down to the lower tine, and possibly drop out of the fork pattern altogether
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This rally is over
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As the pattern above is now invalidated, we need to make a new study. You can see that we are in the intersection of two forks from the daily timeframe. We just crossed from the third tine of fork A, and onto the second tine of fork B, which has been acting as resistance, now support.
This takes us into the rhombus formed by the two forks. As the price is respecting the tine since the crash in March, I expect that it will approach the boundary of the fork A along the second tine of fork B.
When, if, we leave the fork A, there is NO LONGER ANY BEARISH FORKS to suppress the price action!
When we come down to a 4Hr timeframe, we can see another fork playing out, C. This shows a nice movement up to the fourth tine, where it was rejected, back to the second tine, where it was supported, only to be rejected again at the third.
Don't doubt for a minute how powerful these fork patterns are, if you are not familiar with them, I urge you to learn how to draw them (really easy!), and apply them to any chart,any timeframe and see how accurate they are!
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*Edit, There are indeed a couple of Bearish patterns still valid, but more Bullish ones!
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A=C correction wave
Only a learner at Elliot waves, would love to hear your comments
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Wrong pic, this one is the Daily with the 1-2 impulse wave corrected
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Don't get left behind XRP
Here we see the price bouncing between the .618 fibs, both bullish and bearish, NOW is the time we need to cross into the bullish fib, we did this morning but had a sharp correction.
BTC is at present testing the trendline it broke a couple of days ago, hopefully it will press higher now, the bulls are strong!
Whenever the forks cross we always get some volatility!
Was a bit difficult to understand everything that was going on at a glance. But if I understand correctly you see a support line of Fork C that has just been hit (bullish), while also seeing a support line of fork B has been hit (bullish). So I take it you are going in for a long position on a bullish scenario? How would you then determine an exit position? E.g. you could use the middle line of Fork B in this case for the take profit?
Slippery09
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@Trading-Guru, Yes, the biggest areas of volatility are on the intersections, the tines act as S/R lines so you can mark entry and exit points
reekhavuk
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We could be in a abcde Horizontal Triangle Corrective Elliot Wave correction?