" People who try to pick bottoms get dirty fingers"!!! Perhaps a touch crude but still true in this context so beware in any contratrend setup and patience is the greatest virtue. I prefer to wait for the new trend and then pick the first or second retracement using the B-Line and 2 x system.
Anyway and with that in mind here's another historical pitchfork that we will be using to gain a long
contra- trend entry. The effect of historical Andrew's and non Andrew's pitchforks is beyond doubt (and reveals time and time again important market structure of the price matrix) but my work on horizontal pitchforks provides extremely high probability setups which surpasses normal historical high time frame forks and the horizontal or near horizontal median line adds an extra degree of probability. This chart shows the mega-fork. Ignore it at your peril.
I suggest that there is an extremely high probability of price touching this area at the centre line $1150 and rebounding and after all this is the big Daddy of all Gold pitchforks. However I am not saying price will reverse long term but it will rally to some degree and can say that with a high degree of confidence.
Here's another study & PF with Reaction lines.
and finally a composite chart of nearly all the above charts is shown below indicating the confluence of two mega median lines ( one from a fork not visible above). What i propose is to overlay whatever technical indicator template you use over the linear studies comprising of median and reaction lines and then consider your entry if your system indicates so. I use an overlay of Bolly bands & MA's plus the B-line ( fast and slow stochs) and 2 x template.
It has worked for me with some minor tweeking( i often use it in higher time frames than intended and use the stoch patterns/divergence etc) and gives me the opportunity to enter a trade and get multiple time frame confirmations.
Below cash DAX also is nearing one of its it's major centre line objectives....