Nice sell off and optimum short entry where two ML's sit/share the same down sloping axis plus two horizontal CL's ( green and blue) have been pierced.
Multiple historical pitchforks and reaction lines may seem like the ultimate in multi tasking but the truth is that one single pitchfork ( Andrews or other ML types) cannot express all the pivots, waves and their fractals. Price is purely an expression of past price action.Historical pitchforks from higher time frames such as the daily ,weekly and monthly form the matrix that we perceive as past and future price action and more importantly offer the trader organic support and resistance levels for trade entries. Here's and example above in the two lower charts of CLZ14. Pitchfork A-B-C encompasses three profoundly important pivots. Now, regardless of the argument as to if this fork (and its reaction lines) should be drawn it still offers the frequency of pivots A,B&C as can be seen by the recent touch on the lower median line parallel. Look below: You can see that it offers a horizontal ( in this time frame) supporting level where energy from the recent move lower is expended as a bounce. Also look at the way two other median lines have channelled price along. The fork ABC has not had a cl touch. The trend continues lower for CL and 75.65 beckons
( Dec14) but do we see a bounce first and there are some very considerable trends and moves lower taking place in many other commodity futures.
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