About meGraham has been investing in equity markets since 1986 and trading full time since 2007. He demonstrate his regular routines to research and capture actionable trading and investment opportunities using Median Line Analytics on www.tradingmotives.com
The median line and warning lines have reasonable validation using a modified Schiff. A normal median line also fits very well. The blue zone coincides with warning lines and Fibonacci retracement levels 0.382 & 0.5. If support holds in blue zone, I will establish a new median line on the new pivot to monitor projection & risk looking for new highs
2.618 extension has been achieved and a corrective pattern is now unfolding. Monitor the upper parallel & median line for potential support. This is in the blue zone which also represents a 0.236 to 0.382 retracement
This median line has built very good validation and there is price action and reaction to the warning lines. The warning line labelled is current support & while that holds, there is potential for price to target 336 & 383. If warning line support starts to fail, that means a change in price behavior on this time frame and will likely relate to a deeper correction.