After sitting between the 200 weekly moving average & the 50% retrace/yearly open, we've broken to the downside.
Currently capped by the monthly VWAP.
Untested pitchfork formation
Monthly open @~$6444
Still short off the 200 weekly average
Triple top forming on strong resistance?
200 Week moving average
50% retrace of Feb-March decline
Triple bottom lows back in 2019/2020
RSI turning at 50
We have broken out of this pitchfork formation though, a quick break back inside would confirm bearish stance.
30 min pitchfork
This pattern from the height of the financial crisis (late october/early november 2008) has crazy parallels to the current crash, and sets up for a perfect 5th wave down. Obviously it won't be perfect but the general theme is we're heading for a new low.
2 weeks ago I noted we closed on solid support, and the subsequent bounce took us right back to another failure at median line resistance. Was that bounce the 4th wave?
2 Shorter term pitchforks
Fairing much better than the spy/dia, the nasdaq ended the week on support (March/june 2019 lows) & 38.2% slope on long-term pitchfork. Below here the 38.2% retrace of entire financial crisis recovery & the 200 Week MA
This pitchfork still dictating price action, even after brief false break in February.
Current resistance level is the median line, support is the 200DMA.
Break through here and a retest of $9500 is likely, fail and a push back to 200DMA.
Median line provided key support through yesterday, losses accelerated when broken. 50% fib is now support, below that is the lower slope & the previous pitchfork top slope. Break through those areas and ~$9600 is the next support level