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Pitchforks

SPY Bear Fork N' FibAMEX:SPY SPY has perfectly tested & wicked off the 200 SMA and trigger-line of the descending (red-dashed) fork that held price from late March through July. Upon testing the trigger line, SPY is starting to show some bearish divergence on sub-daily timeframes. If this trigger-line manages to hold, I'm expecting a move lower to the new (yellow) fork's median line which is conveniently in sync with the U-MLH of the previous fork. Back in March, my original downside target levels for the SPY we're 350 or 320. AKA the 50% & 61.8% retracement levels of the Covid low to "everything bubble" high. I'm expecting that median line test to occur at or near one of these fib levels. Target 1: 50% Fib - 350 SPY Target 2: 61.8% Fib - 320 SPY Let's see what happens. Fat_Fat
AMEX:SPYShort
by Cousin_Fat_Fat
26
QQQ Fib Energy PointNASDAQ:QQQ Very simple chart... QQQ broke up out of the original fork (Yellow). Price appears to be stalling out at the trigger line (Yellow-Dashed). In addition, I plotted a warning line, using the 2.0 extension of the fork's median-line parallels to show another potential resistance area. (Yellow-Dotted) Assuming that the Q's fail to sustain the rally past the trigger line/2.0 warning line; I've added another fork (purple) using the "C" pivot of the yellow fork as my origin point/"A" pivot, and the June low / August high as my "B" & "C" pivot. I've noticed that the median lines of both forks cross to form what's known as an "Energy Point" right at the 0.618 fib level, aka $258 price level. (Measured from Covid Low to "Everything Bubble" high) Energy Points pull price towards them like a magnet. This Energy Point appears to take place between September 27th - October 4th. I'm expecting the QQQ to fall at/near this energy point by early October. Fat_Fat
NASDAQ:QQQShort
by Cousin_Fat_Fat
6
Bad AppleNASDAQ:AAPL Apple is running into some overhead resistance via the (green-dashed) trigger-line displayed on the chart. Most oscillators are clearly turning over here. To keep this chart simple, I left just this one fork/trigger-line visible. The fork has two Fib extensions (1.618 & 2.618), which I expect price to navigate through. However, there are multiple forks at play here. I'll add them as standalone comments. I'm expecting AAPL to reverse here and continue lower. At the very least, I believe price will get down to the $150 area. (Target 1) Although, I also think that price will eventually make it's way down to the $120ish range (Target 2) , which is right at the (red) trendline and also a 50% retrace of the March 2020 low to "Everything Bubble" high. Fat_Fat
NASDAQ:AAPLShort
by Cousin_Fat_Fat
8
Bitcoin Cycle Low ForecastINDEX:BTCUSD Bitcoin Weekly Chart After the June low, Bitcoin found support riding up the 1.618 ML-E (Median Line Extension) of the Red fork until mid-August. It briefly found support on the Yellow ML, until breaking below it a few weeks back. Price has attempted and failed to make it back above the Yellow ML. We see two consecutive weekly candles getting forced to wick under the Yellow ML. This tells me that, price will continue heading lower. Plotting additional median line sets, additional price targets become visible All targets are energy points aka intersecting Median Lines (ML), Median Line Parallels (ML-H), and Median Line Extensions (ML-E) I've noted potential price targets with the sky blue ellipse and circle. The targets vary from 12.6K to 9.8K I'm expecting the end of this next down move to become the ultimate low for this cycle. As of right now, I'm thinking the ellipse will be the more likely target, as the circle is only a few months from the forecasted BTC halving in Feb 2024. Let's see what happens. Fat_Fat
INDEX:BTCUSDShort
by Cousin_Fat_Fat
5
SPY - Schiff Pitchfork Price ProjectionAMEX:SPY $SPY 130m timeframe aka, the daily candle divided into 3 sessions (Morning/Lunch/Afternoon) I applied a Schiff Pitchfork, starting with the (A) High pivot in late March, (B) the low pivot in June, and the (C) high pivot in August. It embeds price movements quite well, and I believe gives us some hints as to where price is heading in the near term. You'll see that price dropped from the peak in August and perfectly tested and bounced off the Median Line. (Green Circle) Next, price managed to climb towards the U-MLH, but failed to reach it. Price topped out at $411. (Yellow Circle) This was a key signal... The Hagopian Law states that price failing to reach it's next target line will signal a strong move in the opposite direction. Yes, this includes Median Lines, Median Line Parallels (MLH), and Warning Lines/Extensions. (Reference - Watch 1:04:00 - 1:15:00) www.youtube.com The failure of price to reach the upper parallel here signals that a strong reversal is likely. This is exactly what happened... Notice that when price reached the Median Line it both gapped under and retested it. (Orange Circle) This tells us that the next likely target for price is the L-MLH, which coincides with the 50% Fibonacci retracement level of the Covid low to high. (AKA $350 SPY) I plotted an additional descending Andrews Fork on the chart to show a potential path towards that L-MLH/50% Fib level. It is my belief that $SPY will test the lower parallel of this Schiff Pitchfork / $350 price level sometime in October. Fat_Fat
AMEX:SPYShort
by Cousin_Fat_Fat