Following on from Monthly trend, here is weekly trend. SPY above median of Schiff pitchfork based on QE market but slowly drifting down to soft land on rising median at 212
This is SPY plotted in monthly bars since 1994 to 2022. I have used a Schiff Pitchfork for Median line analysis. All prices should oscillate around median price until trend breaks. The current trend has held since 2010 and prices have been arcing away from median since. However, rate of growth is slowing and could turn negative in next couple of years....
We can see how prices are not subject to the bandwidth and frequency of the downsloping mini-pitchfork. Take note that the major Pitchfork (upsloping) will still have some price energy frequencies and the associated upsloping parallel lines( warning lines) posed potential resistance.
The CAD continues being one of the strongest currencies, whereas the JPY is rather neutral. So let's see, if this pair can break through the 97.7 resistance and get to 98, and potentially even to the median line. Unless price breaks directly through the bear trend line, we should expect a bounce off the lower median line parallel, which may occur somewhere in the...
Idea is based on a combination of Elliot wave theory and median line analysis. Chart contains all reasoning behind this setup along with a target and stop loss. Good Luck. If you trade acoording to this idea please do so on your own responsibility. This Idea is a mere reflection of my own point of view.
We are sitting above a strong support line, expect price to reach the upper parallel of the gray pitchfork, once broken and closed above ---> price will reach the 0.95 ish area before it starts retracing (or going further up). Please check the chart for the target/ stop loss.
