This huge monster measures the whole swing, from April 2020 to the highest point ever reached in the NQ.
What is the benefit of such a pitchfork?
1. We see where the center is. Above the center, the market is very strong. It's likely that the market continues in the projected direction.
Below the CL (Center Line) it's very likely that price will not jump above it again. So the only ways are sideways or down.
2. Knowing the rules how to trade the pitchfork, we have a nice test at the centerline. Usually we see another test, or even multiples, before the market is heading towards the L-MLH, the Lower-Medianline Parallel and beyond.
So, if price falls below the L-MLH, a test/retest is expected and the next target is at least the first WL (Warning LIne...it "warns" that price could turn from there since it's overextended by 2 magnitudes).
Let's be curious and put our observation Hat on.
#learntoearn
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Continuing down in the LT. It's not looking good for the world economy and the rules know it.
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Nearing the L-MLH. Watching it closely.
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Now a retest to the L-MLH. A breakthrough is very bullish, a rejection means to load the boat even more.
For sure hehe.. These markets are so weak now. And the FED is not supporting it anymore, becuase they now need the market to loose some air in the balloon. Howver, it would be near the yellow L-MLH.
Let's observe it and have fun, seeing our PNL grow §8-)
orimichaeli
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Well done 👍!!!!
Tr8dingN3rd
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@orimichaeli, thank you. It will be very interesting to see how price will move within the boundary of the pitchforks.