Utilizing a Traditional Pitchfork on a Weekly Chart for the DJI, the market has been steadily moving up and up and up since COVID-19 shut down the economy.
Using Observations from Alan Andrew's, there is now an 80% chance of Price (at least) reaching the median, although when that might happen cannot be predicted (nor would I try). Obviously, the longer it takes price to correct, the smaller the retracement as this pitchfork is angled up.
Pitchforks bring a Timing Element to price and when coupled with horizontal (Potential) Support and Resistance, they create energy points... areas of high likely-hood of reversal (but not guaranteed).
Time to watch and see.
Using Observations from Alan Andrew's, there is now an 80% chance of Price (at least) reaching the median, although when that might happen cannot be predicted (nor would I try). Obviously, the longer it takes price to correct, the smaller the retracement as this pitchfork is angled up.
Pitchforks bring a Timing Element to price and when coupled with horizontal (Potential) Support and Resistance, they create energy points... areas of high likely-hood of reversal (but not guaranteed).
Time to watch and see.