I'll add two things today that touch upon previous and recent posts. One is an Andrew's pitchfork, and the other the seed wave concept.
First the forks.
Here's a 60-min SPY chart showing the Andrews Median line giving nice Support/Resistance boundaries:
Meanwhile, here's a daily QQQQ chart with an Andrews line going all the way back to the March lows...Price has found it's way back between the Upper Median Line and the 25% warning line.   The bars painted purple indicate Options Expiration which is coming up this Friday.  Curious how frequently price has traded in the upper median line extremes during OpEx in this past year, curious indeed.
Now to combine the two topics of a seed wave and Andrews line.Below is a daily chart of the SPY. The Andrews Line goes back to the March lows, while the Fibonacci retracement lines are based on the most recent seed wave that started in February (go back and read this post if you don't know the seed wave concept).
As "trend's end in a climax," somewhere in this range would be a good place to do so.Oh, by the way, the Q's are a mere 8.9% away from their Nov. '07 highs! That's just extraordinary.
No comments:
Post a Comment