Thursday, 20 August 2020

SP+DJ+NQ..... the story continues.... the jury's still out.

Above seen 5 min time frame. The pitch fork (AKA Median Line) shows the relationship between 3 pivots A,B&C. Price has made its journey to the centre line.

Above is the same ML in the NASDAQ

 above: Back in the ESU20 look at the price action when it meets the line. Gap up,touch and fall away. Same behaviour can be observed 100's of times a day with hundreds of different sets of 3 pivots in multiple time frames.

 above: Here is the emini Dow. Look at the rejection after the touch/ kiss on the centre line.

 above: Here it is in lower time frame.

Above: Now we look at the bigger picture and multiple ML's.Note price has failed to reach the CL of the bigger ML: A/B/C. We are looking for short entries but nothing clear yet.
and here is the daily Dow. We really need a long candle to fall away from this upper M line. If it continues to hug the line it may burst/press through and up towards closing the gap. Noted on chart.

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