I have been waiting on this one to pull back..Possibly a bit further before it lands..Possibly a "play and you pay" take-off from an ABC bullish pattern..
Was up too much, too fast on Friday. Sometimes when this happens, too much too fast kind of thing, it can throw the stock for a loop
Only time will tell I guess..
No rising wedges noted in yearly chart. Huge sell bar today. Short interest higher than I like...Support at 45-49ish. Possible gap fill..
Was up too much, too fast on Friday. Sometimes when this happens, too much too fast kind of thing, it can throw the stock for a loop
Only time will tell I guess..
No rising wedges noted in yearly chart. Huge sell bar today. Short interest higher than I like...Support at 45-49ish. Possible gap fill..
Pitchfork outer trend lines can provide support or resistance. In an uptrend, the lower trend line acts as support to define the overall trend, the upper trend line acts as resistance and the median line defines the strength of the trend, it is not support or resistance. Prices should reach the median line on a regular basis during a healthy uptrend. Failure to reach this line shows underlying weakness that could foreshadow a trend reversal.
The standard Pitch fork on TView has 2 extra channels at the ends for outliers. When price gets inside of those, a trend change or just a temporary trend change can occur. The oringine has 3 lines a 2 channels. The midline does not serve as support or resistance. It is an indicator of strength and you can check for retests on the mid-line.
Reminds me of Bollinger bands but with these you have to find a pivot high and a pivot low to place the PF on. The pitchfork does not expand and contract like bollingers bands. I found the BC legs of a significant ABC bullish patterns to attach the pitchfork. But I am still learning
These are not fluid like bollinger bands but give you a great channel trade and you also know when a price is out of bounds or clinging to the median line. Price is attracted to the median line,
You can find more pivot lows and highs, or waves/swings and attach more than one PFork You can use different colors and different timeframes for each PF on the chart. I just used one. This is an Old indicator first disovered by Alan Andrews who died in 1985.
There are several book and tons of You Tube videos on using the pitchfork if you are interested in learning