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.
SIRIUS Radio has been on the uptrend since 11 Feb 2009. Price conforms to the Andrew Pitchfork with the FiBO 1.50% Lower Warning Line ! (L-WL1) acting as upsloping support. Price is caught between the upsloping L-MLH and L-WL1.
L-WL-1 has been tested 3 times. Wait for retracement back to the L-WL-1 with an opportunity to place a Buy Limit order. Target is the L-MLH.
Price did gap cross over from yellow channel to green channel and played within the green boundaries.
A gap-cross over a parallel line, in line with the flow of the market which is UP, will have price oscillating within the new channel ie. green.
If price cross over WL-2, price will attempt to stay within the Red Channel.
Overall FB has been leap-frogging since...
Price gapped down toward ML and seems to be fading.
Price has to break above yesterday pin bar to confirm possible end of retracement.
A stop can be placed just the pin bar and median line with target at 400
Let's wait for EOD to see how price reacts to the lower median line parallel.
A break below this lower median line parallel means a bearish market.
If we see a nice pin bar formed, there is a chance of a possible reversal back to the uptrend.
Here's my anatomy of FB.
PF still dictates the price target which arrested the price at the ML of blue PF which confluenced with wl-11(not W-12..sorry..cannot edit)
L-MLH has been tested and retested. Positive news helped jettison the price where the confluence of intersection of L-MLH and wl-9 projects area of many buyers and sellers.
Price was well defined by the upsloping pitchfork and retraced at the Upper Parallel...spot on!
Now price is hovering near the Median Line but trend is still UP.
Good time to LONG now but always practise strict risk management. Target is along the Upper Parallel.