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Re: Andrews Pitchforks
Januson-
FWIW here is my pitchfork analysis for SPY, along with some channel and cycle stuff.
There is a lot of chart art here, but what to notice are the circles which highlight the validity of this particular pitchfork.
The median line has acted as support once so should it be met again it will likely act as resistance. The retracement line (from the Oct. high to Mar. low) also acts as support and resistance.
There is still time for this counter trend up move to complete. This particular chart shows a target about 3.5% higher than today's close.
Tagging the 50% line of the down move and the upper channel line with a failed gap up sure is an attractive short. Everyone sees this, so if it should go the other way (up) it would spark a nice fast rally...
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