The current pitchfork trend is holding and I'm looking at the US10Y reverse at 3.332% this month. I'm also expecting the fed to over tighten or some other news event to drive the US10Y to 5.376% by June 2023. The nature of pitchforks are able to easily visualize the physics of the market and I'll do my best below to explain what I'm seeing.
From a price action...
Light Crude has lost a significant level at 78.16 and is reverting to the mean at 54.09 as demonstrated by my pitchfork trends and sigma measurments.
Pitchfork Price Action Analysis
Light Crude has broke out of the recent uptrend (with red median) and broke away from the (red) mean on Jun 14th 2022 (priced at 123.68).
Since then it has started to follow the...
Last week this pulled back after 5 straight weeks of going up. From a strat perspective it is setup as a Bullish Randy Jackson.
Bullish Price Targets with a trigger above 42.70:
42.70 will take us to 47.49 and 52.39
Bearish Price Targets if the daily closes below 36.28:
$34.02 and the gap close around 30.
You can also get in if it holds the green zone (38.72-39.49)
Timeframe: Multi-month swing
Last week AVGO retested and rejected the weekly 10MA yet again and sold off rather quickly. I'm targeting price to eventually make it to 481 over the next month or two. For the last 3 weeks we have yet to get above the golden zone around 594-598. We have also yet to close above the weekly 10MA for 10 weeks.
How to play this?
Things are looking very bullish for Amazon and I'm planning to take profits quick and reload at support and resistance zones.
1.) 130 min 2up candle to Daily Bullish Randy Jackson Entry
If price breaks 3273.14 I plan to play calls up to 3281 and watch to see if we reject or continue to moon.
2.) Bullish Randy Jackson: If price breaks through 3282.37 then I'll...
MRNA buyers showed up last week with volume to the upside. There are a few options to play this to the upside or downside.
Weekly 2Up: 180.8 2U continuation trigger with PTs to 186.8, 193.2, and 200.08.
4H Upside: This could be setting up for a 2-1-2 continuation to the upside plus the weekly 2U trigger.
4H Downside: I would look for a trigger below...
XOM Weekly Bullish RJ could be a bag and a half. This can be played to the upside or to the downside. If we are playing to the downside we could be making an outside bar by the end of the month to 73.49.
**Weekly Bullish RJ Trigger**: 83.45 with targets to 84.92, 86.88, 91.51
Upside catalysts : Daily 2-2 reversal at the Monthly Retest Area; Gap fill to 80.44;...
TSLA is following this downtrending pitchfork and has picked up buyers at the 1.618/1.65 (golden & orange zones).
I am expecting momentum to swing past the median and look for buyers in the outer supply zone at 1000.
If the stock is bearish (for whatever reason) then I'll be watching for a pullback to the previous VPVR zone at 916 then bounce up to 983 to see...
$MCD - it took out the quarterly top, is now below 50% on the quarterly, and will likely make an outside bar candle (3) to take it to 236 by the end of the quarter. SHEEESSHHHH. This could also go the other way and look to make new highs again.
Quarterly (White Fib & Red 50%): Currently a 2-2 with the high taken out, possible 3 down candle this quarterly as price...
193.99, 257.52, 291.18
Downside invalidation: weekly close below .854 fib (138.04)
Welcome to 2022 and it looks like Zoom could be forming a bottom here on the .854 fib retrace. If it loses this level then it is extremely clapped and I would just bury this into the ground.
If the bullish sentiment picks up I can see this going along for the...
CAT has slowly been unwinding with lots of volume on every move to the downside while seeing lower relative volume of buyers bidding up the price.
I'm looking for CAT to make one more swing up to look for any buyers near 208 and 217 areas. If we get a rush of volume to support the move then we should the continued trend to the upside of the...
SPY is still following the trend since the covid lows. This pitchfork captures the median move and last weeks huge buying to selling volume (BS indicator) shows this could be the bottom for the corrective move.
I'm planning for two scenarios.
1.) Bullish reversal that will tag the upper pitchfork over near 570 by mid-summer. I'll be watching the volume with...
SMH has sold off through the median of the pitchfork with more volume than the uptrend (Oct 21 to Nov 21). There is a likelyhood that we are doing "as above, so below" pattern where the price rejects the upper channel, supply exhausts, then comes back down to mirror down below to look for demand.
As of now SMH is hammering near the outer channel. I'll be looking...
QCOM looks to be looking for more buyers down below. If 173 fails to hold look out below to the median at 160 and possible gap through. There isn't a lot of VPVR (graph on right) to support prices up here.