The Red Pitchfork
...projects the most probable path of price. Price has a high tendency to trade within this projection. Don't fool yourself - it's not just a Channel. It's nature derives from teh law of physics. That's the reason why pitchforks are so accurate.
The SHIFT in price was a perfect one. It's not ususal that a shift in price shows up that nicely.
The Count 0-5 gives us a idea, where in the 0-5 cycle we are (has nothing to do with Elliot-Wave). Currently price works on P4. Watch closely: From 2 to 3, there is a pause - a Pivot. I call these moves Sine-Waves. Most of the time, the middle part of the SW, the pause, will be breached, before price turns it's primary trend, which in this case is down.
That's where the yellow horizontal line comes into the game. I would not be surprised to see the S&P500 up there, breaching htis yellow line and then turn back south to create P5!
So, the Pivot Nr. 5 is waiting to come into reality. I observe short signs, because I don't want to miss out on this huge leg for "Steak & Lobster" as MaverickOfWallstreet sais §8-)
...projects the most probable path of price. Price has a high tendency to trade within this projection. Don't fool yourself - it's not just a Channel. It's nature derives from teh law of physics. That's the reason why pitchforks are so accurate.
The SHIFT in price was a perfect one. It's not ususal that a shift in price shows up that nicely.
The Count 0-5 gives us a idea, where in the 0-5 cycle we are (has nothing to do with Elliot-Wave). Currently price works on P4. Watch closely: From 2 to 3, there is a pause - a Pivot. I call these moves Sine-Waves. Most of the time, the middle part of the SW, the pause, will be breached, before price turns it's primary trend, which in this case is down.
That's where the yellow horizontal line comes into the game. I would not be surprised to see the S&P500 up there, breaching htis yellow line and then turn back south to create P5!
So, the Pivot Nr. 5 is waiting to come into reality. I observe short signs, because I don't want to miss out on this huge leg for "Steak & Lobster" as MaverickOfWallstreet sais §8-)
So far, this was a super nice play.
Now, we need a little bit more movement to the P5, and from there, a new swing to the upside begins.