BEARISH TREND
Major Pitchfork in black shows trend has been up since 2012-09-12.
Pivot P5 has two touches along the Median Line of major pitchfork and on the 0.382 upper median line parallel of the downsloping red mini pitchfork. P5 is the confluence of the major upsloping Median Line and the green 0.382 upper median line parallel of the down red mini-pitchfork
There is a double confirmation after P5 on the 0.382 upper median line which shows strong price rejection.
If price trends down there will be strong resistance as depicted in the confluence blue triangle
Pivot P5 has two touches along the Median Line of major pitchfork and on the 0.382 upper median line parallel of the downsloping red mini pitchfork. P5 is the confluence of the major upsloping Median Line and the green 0.382 upper median line parallel of the down red mini-pitchfork
There is a double confirmation after P5 on the 0.382 upper median line which shows strong price rejection.
If price trends down there will be strong resistance as depicted in the confluence blue triangle
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