Andrews Pitchforks

[waveslider]

That picture didn't come out very well, sorry I am a little busy today maybe I can update it later - - the fork has a yellow median line and magenta tines, its there though hard to see.

[waveslider]

Opinions please?!

Here is a potential fork forming in the ES on the daily chart. The highlighted areas are spots I consider important failures or supports related to this particular fork. Its good to have multiple confirmations.

There are other reasons to be bearish here, the market breadth and volume are just horrible. The S&P has just failed at a major trendline (white on the chart, can't see the beginning on this chart). Also price filled in the gap from January 15, which is a huge break even point for a lot of people who got slaughtered then.

All these bearish things could be considered bullish!

Anyway - - there will likely be a good message in the market tomorrow, as I feel people are watching this fork, especially when price forms a doji...

[Tasuki]

Here's another view of Waveslider's daily ES chart. The only thing I've added is a notation that the test of the upper median line was done with what Tim Morge calls "good separation". In other words, price touched that line and then strongly recoiled from it. In pitchfork terms, this strengthens the belief that the median line was being "respected".

Unfortunately, we've now come up to that upper line a second time, and price has not rejected it as fast as it did the first time. This is not so good for the bearish case. If this AP is going to hold, we're going to need to see price pull back from this upper line fairly quickly. It will be very interesting to see how this plays out.