This is exactly the reaction you would want to see with the previously posted weekly IWM pitchfork chart. The Upper Median Line giving resistance.`
zoom in for a closer look; previously the Intermediate pitchfork gave some resistance on initial tests. A larger correction wouldn't be a surprise, the flip side would be an all-out climactic rally outside of the pitchforks.
The QQQ had a similar pullback as it approached the upper median line but broke out weeks later
The setups I include on this blog are used in conjunction with the 3/10macd and the criteria I ascribe to it as a way to alert me to an existing condition of price. The key concept to take away from this blog is that I try to anticipate what will happen on the higher time frame by using a faster time frame to trigger the trade setup. I do not trade a "system" I use two indicators to clue me in to price conditions. Please read the Disclaimer located in the sidebar of this site. I can be contacted via email at toddstrade@gmail.com
I am always open to questions, comments, or suggestions on how to improve this blog.
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