Using 3 pivots; November lows, December highs and January's higher low, we can construct the Andrew's pitchfork.
The fact that price was unable to reach the Median Line (dash middle red line) was a good indicator that strength in the rallies was lackluster.
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The dash yellow line on the chart below is a Fibonacci Extension line.
The dash white line is a Fibonacci Retracement grid.
We can see how, in February, price resisted the previous December swing highs that corresponded with a 61.8% Fib. Extension and came close, but couldn't quite tag the Andrew's Median Line. Price, however, consolidated at those highs (sign of strength) before pushing higher. Price again fell short, not only of the Andrew's Median Line target, but the Fib. -38.2% retracement and the 100% Fib. Extension, screaming weakness (that shooting star doji was the last straw 4-days ago).
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