Wonderful how price reacts in the world of a pitchfork trader §8-)
The count (grey) 1-5 is NOT an Elliot Wave count.
It's just a simple observation from the inventor of the pitchfork, Dr. Allen Andrews. At P5, price has a very high tendency to reverse the trend. In a Bear Market, it would mean a strong rebound, before continuing to the downside.
Here price is approaching the potential P4, arriving at the orange centerline, the big Cahuna.
How do we know if price turns at this CL?
We don't know, until it's over. But that's OK. We know that we are in a pullback phase. So we have all the time to prepare to short again for a long ride down to P5.
Can this fail?
Sure, but very seldom.
Now what?
Relax, sit back, observe and watch how it unfolds.
Or even better, you're long from the first or second re-touch at the red centerline §8-)
Missed it?
You'd better learn how to use that pitchfork tool.
#WTpitchfork
The count (grey) 1-5 is NOT an Elliot Wave count.
It's just a simple observation from the inventor of the pitchfork, Dr. Allen Andrews. At P5, price has a very high tendency to reverse the trend. In a Bear Market, it would mean a strong rebound, before continuing to the downside.
Here price is approaching the potential P4, arriving at the orange centerline, the big Cahuna.
How do we know if price turns at this CL?
We don't know, until it's over. But that's OK. We know that we are in a pullback phase. So we have all the time to prepare to short again for a long ride down to P5.
Can this fail?
Sure, but very seldom.
Now what?
Relax, sit back, observe and watch how it unfolds.
Or even better, you're long from the first or second re-touch at the red centerline §8-)
Missed it?
You'd better learn how to use that pitchfork tool.
#WTpitchfork
Nota
Looking at the daily TF we have these most likely scenarios:Nota
Oups...the upper Medianline Parallel rejected price immediately.
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.