We can see how prices are not subject to the bandwidth and frequency of the downsloping mini-pitchfork. Take note that the major Pitchfork (upsloping) will still have some price energy frequencies and the associated upsloping parallel lines( warning lines) posed potential resistance.
SIRIUS Radio has been on the uptrend since 11 Feb 2009. Price conforms to the Andrew Pitchfork with the FiBO 1.50% Lower Warning Line ! (L-WL1) acting as upsloping support. Price is caught between the upsloping L-MLH and L-WL1. L-WL-1 has been tested 3 times. Wait for retracement back to the L-WL-1 with an opportunity to place a Buy Limit order. Target is the L-MLH.
Price has tested the Fibo 0.50 L-MLH ( red dotted) line 3 times (red circles). MACD Convergence shows possible fading of selling pressure. Watch out for possible opportunity to LONG
Wait for pull back to go possible long as it will gravitate towards the black Median-Line
Price did gap cross over from yellow channel to green channel and played within the green boundaries. A gap-cross over a parallel line, in line with the flow of the market which is UP, will have price oscillating within the new channel ie. green. If price cross over WL-2, price will attempt to stay within the Red Channel. Overall FB has been leap-frogging since...
Wait for price to retrace near the trend line to LONG.
A break above yesterday pin bar is a good entry to LONG with TP at 4260
Price gapped down toward ML and seems to be fading. Price has to break above yesterday pin bar to confirm possible end of retracement. A stop can be placed just the pin bar and median line with target at 400
Let's wait for EOD to see how price reacts to the lower median line parallel. A break below this lower median line parallel means a bearish market. If we see a nice pin bar formed, there is a chance of a possible reversal back to the uptrend.
Market flow is up. Price near tested on U-MLH before continuing the uptrend. Too late to get in now as all entries must be near the median lines and its parallels.
Here's my anatomy of FB. PF still dictates the price target which arrested the price at the ML of blue PF which confluenced with wl-11(not W-12..sorry..cannot edit) L-MLH has been tested and retested. Positive news helped jettison the price where the confluence of intersection of L-MLH and wl-9 projects area of many buyers and sellers.
Price spiked down below the Median Line will have equal opposite energy reaction above the Upper Parallel. Let's see if the price will retract back towards the Median Line.
Watch out for some possible strong correction or price reversal if price fails to break or close above 4265. Trend is still up but target is near.
Prices have been trending up since Jul 2012 and the structure was captured by the pitchfork. After a bounce on WL-1, price is heading towards WL-2.
You can see how the Pitchfork structured the prices beautifully which was arrested at the Warning Line. Possible reversal back up to the Lower Parallel.
A break below yesterday's low is confirmation to short to target indicated. You can see an inside bar formed followed by a pin bar.
Price was well defined by the upsloping pitchfork and retraced at the Upper Parallel...spot on! Now price is hovering near the Median Line but trend is still UP. Good time to LONG now but always practise strict risk management. Target is along the Upper Parallel.