Andrews Median Line

Interesting pitchfork confluence in some issues.
SPY sitting at upper median line

 XLF - been riding the lower median line for quite a while, now throwing back

 IWM - two failures to break UML

QQQ - on a strong trajectory

DIA - 3 successful bounces at lower median line

Here's an updated look at the SPY cycle count

Dow Jones Quarterly long term

updated pitchfork

SPY monthly with a confluence of two long-term paths:

Off of the '09 lows and up to the most pronounced swing high/low (price has failed to touch the mid-line, which Andrews theory would say makes price susceptible for a test of the lower trigger (white) line).

Keeping the purple longer term pitchfork and adding the intermediate yellow based off of the seed wave which this rally sprung from (also included is a sliding parallel)

Median Line update

SPY; Floating along the lower half of the sliding parallel and just above the Lower Median Line.

DIA; flying on fumes

QQQQ:

IWM:

SMH is something else!

some pitchforks

GOOG....resistance at the midline

NFLX - most recent momentum impulse, didn't quite tag the midline

XLF - squeezed back inside and looks to be wearing out on this second test of a gap

AMZN - broke it's midline this morning

SPY - just can't seem to make it back to the sliding parallel line, try as it might

DIA - never tagged it's midline.  Is this a double top waiting to be resolved, or a pause before popping back up to the lower median line?  The key reversal day was telling everyone to take profits, but downside has been delayed so far.

coiling

Seems like we're at a something's-got-to-give level at this point, sitting right on top of the 50-day MA, bouncing twice only to end up in the same spot (price made 4 attempts to close above the 20-day).

Descending Triangle, would have a large measured move in whichever direction it breaks out to

breached

The Lower Median Line of our Pitchfork was breached today, while the 50-day lies just below (as an aside, price opened RIGHT ON the midpoint of a previous 2x-bar)

Also got a First Cross Sell signal.  Caution is warranted at this point as the slow line has yet to follow-through and go negative.

Intraday, we opened on the aforementioned 2x-bar midpoint, while the lows today were made on the confluence of a 50% extension off of yesterday's range and a 50% extension of the PDC to today's Open:

Back to the 20MA

SPY bounced at the Lower Median Line again (actually fell within 18-cents) which also coincided with the midpoint of a previous 2x-bar.

intraday look at the SPY which formed a hammer candle 7-cents away from the 2x-bar median line

Fib levels as measured from the most recent high to the corrective low.  Price is basing under that 50% level

The 3/10 Macd has the potential to form a First Cross sell signal here, otherwise we get another momentum push up and possibly turn into a Sell divergence should price make new highs (much the way it signaled a first cross sell in Aug. only to form a buy divergence 5-days later).  We could still push up to the 61.8% - 78.6% retracement on nil momentum and get our First Cross entry on the following tick down in the momentum histogram.

 

USO Pitchfork

USO - Holding on to the Lower Median Line while trading below 3 primary Moving Averages:

SPY fork update

How about that pitchfork!?  An excruciating grind up and a quick profit-taking dump down.  Kind of like Nov.-Dec. '09 & April-May '10.  Rinse and repeat.  Not for nothing, but price surpassed the Lower Median Line by $0.06 before bouncing.

the drift continues

Every sideways consolidation range has resolved to the upside:

narrow channel range

Lower Median Line

The long-term lower median line held for the SPY, DIA, & QQQQ
unless we use the flash-crash lows for the QQQQor, we can use the flash-crash as our low for the longer-term pitchforkWhile the IWM is in snap-back mode

updated charts

TLT Wolfe Wave target finally reached
TLT updated from {here}
USO updated from {here}
SPY updated from this morning {here}Shows a similar break-down structure as the USO chartSPY weekly chart (action/reaction lines), updated from {here}