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Pitchforks

SPY - bullish (pitchfork analysis)This builds on my previous pitchfork analysis (see related idea which pointed to June 17th as the point of reversal and the start of the longer term bullish cycle). While that still stands strong, this is a smaller term analysis. SPY reached the intersection of 2 upper pitchfork lines (well, one bar off the intersection) after which it fell. Now it reached lower pitchfork line which is a likely point a reversal, turning bullish. SPY however may go down to the next red line before bouncing back up. Looking at other, longer term pitchfork lines I drew, SPY hasn't become fully bullish (that is, it reached higher order bottom pitchfork lines than the upper lines.
AMEX:SPYLong
by TradersForecast
2
Gold: Forks In The RoadTVC:GOLD Gold is at a crossroads... In the middle of the range, and at a level that has held support on many different occasions over the past few years... The 0.618 Fib level of the Covid low-high move, around $1680. I want to be bullish, I'm leaning bullish... However, I'm not confident enough to make a call here. Regardless of the direction, everyone should have physical metals in this insano world. Back to the chart.... I could see either scenario playing out. If the 0.618 Fib & trigger line of the orange fork holds support at $1680ish... I'll be patient and look to get long once the chart confirms. If the 0.618 fib & trigger line of the orange fork does not hold at $1680ish.... I won't short it, but I would think it gets back down to the Covid low around $1450. I'm looking to see which fork manages to hold price. It's tricky, so manage your risk accordingly if you're getting short or long here. I'll update the idea as it goes... Let's see what happens... Fat_Fat
TVC:GOLD
by Cousin_Fat_Fat
10
Long Wheat - Retrace RallyCBOT:ZW1! Wheat might be lining up for a retrace rally. Wheat appears to have built out a descending wedge while also printing bullish divergence on the RSI. Price has finally broke the wedge, retested, and continued moving higher. In that move higher, price has broke through the major descending fork that has held price for the last 3+ months. In addition, the Perry Kaufman Adaptive MA just printed a "Buy" signal. ( Thanks, @blackcat1402 ) I'm expecting price to continue higher up to the trigger-line of this descending fork. Plotting an ascending minor fork on the chart to project a path higher, a move to the .618 Fibonacci retracement level appears to be a likely target area. Target = 1076 USX aka $10.76 Fat_Fat
CBOT:ZW1!Long
by Cousin_Fat_Fat
7
NQ1! - Monthly Closed, What Next?In my previous NDX thread I suggested that the 6M candle would create incredible bearish sentiment and would be a great time to trap shorts and lock out sellers in a reversal and that is exactly what happened. Notice that there is very little lower wick for July candle. It shows that the turn of 1/2 year was a significant turning point. On the monthly chart July has printed a bullish engulfing candle and so now the sentiment is reversed. The bottom is in everyone thinks and come rushing in. The inverse trapping doesn't have to happen again, but it is starting to look like it might do just that. Now on the daily chart at the top NQ1! has just tagged the 100MA which found the retracement top in March. The last candle of the month printed a hanging man and there is a large gap between the last two candles which could be a topping exhaustion gap. There are two circled resistances in this area and so it is a key price point. I have used a pitchfork also to show how the trend has pushed upward and now passed the upper median line. This could be just strength in trend increasing however there has been a lot of choppy movement since the low and it could be topping out to collapse back down and then perhaps a more impulsive structure will form. The dotted white line is how a trend line could be drawn and it is also the lower median line. I think there is a good chance it will tag that line before the uptrend really takes off. It could push higher and i'm not saying it won't have a flurry upward and that would provide the path for a Shakeout Reversal Pattern to print through resistance and 100MA. Not advice.
CME_MINI:NQ1!Short
by dRends35
9
Bitcoin Bear Market RallyBINANCE:BTCUSDT After BTC perfectly dropped to the "energy point" , (intersection of the two green median lines) price has managed to break out of the minor green fork. The next logical target would be the U-MLH of the major green fork. I plotted two paths to the U-MLH of the major fork with an Andrews and Schiff Pitchfork using two different origin points. I'm expecting price to follow the path of either the blue or red fork, and make it's way to the U-MLH of the major green fork in the $28k - $32k range. Fat_Fat
INDEX:BTCUSDLong
by Cousin_Fat_Fat
5