Friday, October 24, 2008
Boeing Company market geometry
Aside from the remarkable price action at the current bisect (which is also confluent with the "Alan Box 50% of prior 5 years), check out the resistance/support at horizontals drawn from prior 'strike call' date/price. (The orange lines)
Regarding the Alan box, price technically failed to hold that gray up-line. It is in an "outside flag" and perhaps the best prior instance is the similarly failed "outside flag" just above, after the 9/5 strike call. Talk about timing...the call came just at the time of the big market drop.
Labels: alan box, bisects-forks-medianlines, chart-analysis
Wednesday, October 08, 2008
Lemon Schiff'on Cake
I added a Schiff'ed green fork to the mix...makes for some interesting price action at the lines.
I've noticed that when price crosses, but fails to stay above, one of the parallels, there will be a nearly equal situation on the return to the opposite parallel (the little yellow boxes).
Labels: bisects-forks-medianlines, Dow-INDU
Monday, October 06, 2008
the INDU loves 50% of anything
very cool bisect and fib action of the INDU, partic. the fibs at the 50% and 150% of the 1999-2002 lumpen accumumlation range. I'm not so sure it's an accumulation range, but the action resulting from it sure did take off...so someone was buying!
This is a good zone for a reaction, the proverbial dead cat. But I'm not calling a "bailout success reversal". ixnay! ixnay!
By the way, there's a sort of bisect expando-zone price is headed into...perhaps some sort of drifting up, than BLAM, smack down again?? Who knows...just what the chart looks like to me. I'm in cash and conservative. While not doomsaying, I'm also not feeling frisky and adventurously speculative about the market in here.
Labels: bisects-forks-medianlines, Dow-INDU, fibonacci
Thursday, November 10, 2005
Lucky Charm? 3rd touch on Daily YM forks
YM mini Daily chart sees a third touch of the orange fork, with at this writing (3pm), what looks like a breakout. Price has also managed to walk over the red hot resistance coals, ie, the red "hot spot" which is Ensign's latest whizz-bang, Volume Rainbow. This feature is just now on the Beta release, but soon to be released as production. The purple-lines are the horizontals and angulars of an
Alan Box.
Mind you, the cash INDU looks significantly different, not only just in here, but in the pivots, most notably, the 7/7/05 "London" low, which is far lower on the futures than on the cash. The INDU broke the comparable orange fork already but will soon meet resistance on the white "London" fork.
It's always something, always another brick in the wall of worry, isn't it?
(click to open the images in a new window)
Labels: bisects-forks-medianlines
Wednesday, November 09, 2005
Are we there yet? Euro Weekly Forks
Here are a couple of weekly Euro charts with forks. (click to open in new windows)
Labels: bisects-forks-medianlines
Wednesday, April 06, 2005
A pretty lil Fib step rally
I've been tracking the action of this rally in daily posts over at dacharts. To keep myself honest (and keep this journal alive), I thought I'd better say something about it. A picture is worth a whole bunch of words. I don't think they come so close to form as this move. I also just love the way the bisect harmonics have played along.
Trading it, however, has been more than a challenge as the intraday price action has been fast and chaotic, the later being reflected in the numerous intraday expandos that have formed.
Expandos are perhaps like hot chili's, you either love them or wonder just why in the world people actually like them. Expandos, a.k.a. "Broadening Formation", is, like all patterns, a reflection of the underlying trading sentiment, in this case, drenched in the emotion of buyers and sellers fighting for fair price. The buyers have won every round, this time.
click to open in separate pane
Labels: bisects-forks-medianlines, chart-analysis, expando, fibonacci
Saturday, January 22, 2005
21 January Bisects
Today was in some ways a close repeat of yesterday in terms of "The Play Book". The bisects placed for today bear this out: the major black one uses the gap open and first H and L, just like yesterday. The remnants of yesterday's forks (Green, Salmon, and Red) then provided points of reference.
For a different view of the price action, I've faded out the bars and overlaid a line chart of the 10m close. What is interesting in this view is, like before, the role of the Initial Balance H & L and the fib extensions as S&R. Also shown in this chart are the final Point of Control (thick blue lines) and Upper and Lower Value Areas (dashed blue), which are remarkably coincident with the fib extension S&R points.
Labels: bisects-forks-medianlines, chart-analysis
Thursday, January 20, 2005
Intraday Bisects and Support & Resistance
I think today's price action provided a number of good opportunities for selecting non-standard bisect pivots. As a reminder, I call Andrews median lines bisects (
click if you don't know why). Traditionally, one looks for "market structure highs" (or lows) for pivot sets, which makes good sense, in partic. for longer time frames (daily and up). Intraday, however, is more influenced by momentum and, during chop, by local support and resistance (S&R). Today's chart shows some ideas for exploiting common intraday S&R points.
Black Bisect: The first bisect uses gap down open price as Pivot 1. Pivots 2 and 3 are the first Low and High after the open. When it makes sense, I prefer High Pivot bars that close high, and Low Pivots that close low. The first thing to check with a bisect is whether price is above or below, ie, the 50% balance. More on this bisect in a bit
Red Bisect: This is similar to the black, taking the first 60 minute Range
(*) High and Lows as pivots. Again, the candles close high or low. The second rebuff by the 60m H suggests a decent short opportunity with a stop 1-2 ticks above the 60m L. Various target opps, using lower time frames, are presented: the red bisect itself, 50% parallels of the black bisect, and 60m range fibonacci extensions.
White Bisect: The volume spike as price hit the confluence of the 1.62 extension with the red bisect proved a rebound point and allowed me to draw the third bisect. This is too big a bisect for the range, so....
Lime Bisect: a mini-bisect became obvious on the 3m chart, which I then place on this chart. Mini's can be used as potential trajectories and are useful for price objectives only in a lower time frame. Price moved quickly into the white bisect and a reversal was indicated by the spike volume bar, also confluent with a white bisect 25% parallel.
Salmon Bisect: The volume spikes, accompanied by CCI reversals (the black/white iMojo indicator), are like bookends and provide natural momentum pivots. The origin, however, is slightly unusual in that it takes the prior bisect point as its pivot. It initially projected a move lower, but price first moved to test the now-old green bisect. It then reversed a few ticks above the open, and closed towards the 1.27 range extension, confluent with the white bisect lower parallel. There is likely pressure on the open as price is still below both the white and salmon bisects. However, best to review the higher time frame where the odds are clearer.
(*) While 30m and 45m are other intervals used, I've settled on 60m due to the increasingly popular CBOT Market Profile program, which calls the first 60 minutes of trading "initial balance". So, a good start is to standardize to something likely in use by more people. In time, no doubt it will shift as traders try to get a jump on each other (that's maybe a joke).
Labels: bisects-forks-medianlines, chart-analysis
Wednesday, January 19, 2005
Is Volume suggesting a shallow correction?
I asked myself that as I updated the 30m Vold chart. The longer green lines showing the SPX is slightly lower on the close than it was on Jan 4, but still has a net higher Vold. The orange lines are negatively divergent, showing more volume in the decline today relative to Vold on the 13th when the SPX was lower (but in a congestion zone). What to do, what to do.
The weekly ES is on a weak sell signal, with 1163 an interesting support point. A reversal between here and 1163 would likely qualify as sufficient enough a pullback for another run up. Short of a catastrophe, this looks the likely scenario to me.
Labels: bisects-forks-medianlines, chart-analysis, volume
Friday, December 19, 2003
Check out reaction lines
Ensign has added reaction lines to their Andrews tool. Here are a couple, the current 135m ES and the 550 Tick (intraday) from day before yesterday, which was the first time I "test drove" the tool. As they project forward IN TIME, it augments the already-there "time" feature of the bisect. They aren't always perfect, but when they are...
click to enlarge in new screen
click to enlarge in new screen
Labels: bisects-forks-medianlines
Monday, November 17, 2003
135m & a "trigger line" example
I do like this time frame. From yesterday
The typical move now would be to briefly retest the bisect area(~1051) before heading for the lower median line (~1043), where there is also The Gap. Having already tested the upper boundary twice before, the gap may well act as an air pocket sucking price clean out of the consolidation range.
For tomorrow, a move to 1045.75, which if broken strongly targets the yellow bisect, then the "trigger line" , otherwise mo' down.
In yesterday's 135m post I alluded to the grey fork "trigger line" (shown above) and how price sometimes meanders in the zone created between it and the adjacent median line. Here is another less confusing example of such price action.
Labels: bisects-forks-medianlines, chart-analysis
Wednesday, October 22, 2003
Something VERY Basic about Median Lines
One place where people "new" to technical analysis get stuck is in half or fully blindly throwing indicators on a graph and then trying to figure out what it means.
Mind you, everyone has been there, including myself, and it is from getting OUT of that rut that I've learned, and from where I speak.
So some BASIC basics about median lines, Andrews pitchforks, action-reaction lines, or as I much prefer to call them, for a very important reason: BISECTS.
Bisect: to divide in half. Half is above, and half is below.
I included action-reaction because it is fundamental to the idea of BISECT. It is also why I call this site actio-et-reactio -- it is Newton's first law, that for every action there is a reaction.
When you draw a pitchfork, a BISECT, you are drawing a 50-50 (half above-half below) probability line:
- The P0 (origin pivot) represents the final ACTION price took before reversing its course
- The P1 and P2 price points are recent price REACTION extremes relative to the origin pivot
- The median line (the BISECT) is HALF-WAY between those recent extremes and is therefore the BALANCE point, again, relative to the origin pivot
- The projected lines are ALL conjectures of
-- future price balance (bisect line-the middle line) and
-- future price extremes (median parallel lines, upper and lower lines)
When you consciously remind yourself of these fundamentals everytime you draw a "fork"-- a BISECT, you will begin to "see" why one might choose the mid-point of a prior move as an origination pivot-- it is the point where half the prior profits (or losses) sits. Hopefully, other things will begin to "pop out" at you the more you realize median lines represent probabilities, at times 50-50, but often 80-20 (confluences, retests, gap throughs, etc).
A swing moves up and down from the balance point. The only time price just sits there is when there is the balance on both sides is equal, but that may be only at one level. Even in congestion, price is moving THROUGH the balance point to the extremes, searching for a new balance point. The bisect (median line) is the balance point, the upper and lower MLs are the extremes.
You must THINK balance, BISECT when ever you draw your lines. When you see a fork that appears to be "containing" price well, even with an "odd" origination pivot... don't get all prudish and academic and think that's not a "correct" pivot. Step back from the chart (go one step higher in time frame) and see how that pivot relates as a possible balance point in the larger context.
When in doubt, keep it simple and basic.
Labels: bisects-forks-medianlines
Tuesday, September 30, 2003
so you wanna know more about pitchforks...
The number one question I am asked is: Where do I find out more about Andrews pitchforks?
The fast track is to visit marketwarrior.com. Patrick Mikula has published a very simple and concise book titled
The Best Trendline Methods of Alan Andrews, which I recommend to those who like a working desk reference. Don't think $55 is too much for such a slender volume-- you won't find the material in such an
easy to use form elsewhere. Even Alan Andrews own course material isn't as clearly presented! If Andrews pitchforks "speak" to you, this is my first recommendation.
I have not personally used pitchforkprimer.com, but it is a low key site with a chart teaser posted now and then. What feedback I've read has been positive. It looks hands on, ie, turn in your examples as you learn, which may appeal to some.
ed: Since first posting this, Tim Morge has published a book on forks. There are copious examples of his work on his various sites and although I have not bought his book and thus cannot recommend it from personal experience, it is available through
his website and is likely to appeal to those who prefer a meticulous and extremely detailed approach to learning.
Labels: bisects-forks-medianlines
Sunday, September 28, 2003
Roger Babson, Alan Andrews, and a few Rules
Alan Andrews had many rules and guidelines, but in his course, given under the auspices of his company named FFES (Foundation for Economic Stabilisation), the following five were stated right at the beginning.
Median lines (ML) can tell where the prices are headed, and the place they will reach, about 80% of the time, and when approximately that place will be reached. Slopes of alternate MLs of comparable length indicate the trend. There is a high probability that:1. Prices will reach the latest ML
2. Prices will either reverse on meeting the ML or gap through it
3. When prices pass through the ML, they will pull back to it
4. When prices reverse before reaching the ML, leaving a space, they will move more in the opposite direction than when prices were rising toward the ML.
5. Prices reverse at any ML or extension of a prior ML.
Use the search block to the right to find more comments on bisects and forks.
My own background with forks started in 1998, so I am not a grizzled beard. However, once I started using them, they "spoke" to me in much the same way RSI did: I was compelled to use them. No doubt this is what triggered my love of bisects, and which I have shared with readers of my stockcharts.com "Public Charts List" for a bit over three years.
It is also no coincidence that my love of Newton's first principle, "for every action there is a reaction"-- actio et reactio as I learned it in my first undergrad Physics class-- is at the core of my website, and at the root of the appeal of the median line to my way of thinking and seeing things. But that is another story.
Many people have written to me asking just how to use these lines. Drawing them is straightforward, but having drawn them, how does one trade them? How does one know which points to choose as pivots? Is it kosher to draw bisects from gaps, from mid-points, from close-only, etc etc.
While there are many who would be adamant about their particular use, and might even point to some of my work and claim foul, I would beg to differ. One must always go to first principles before piling on higher principles. Bisects are about as simple mathematically as it gets: pick a point to start from, choose two points in the future and divide the space between those two in half. If price "behaves" with seeming order relative to those points, stick with them until it no longer does, then draw another set.
Alan Andrews freely attributed his work to Roger Babson, who like Andrews, was also a scientist. Roger Babson, founder of
Babson College, says in his
autobiography, appropriately titled
Actions and Reactions,
Let me say that the ideas that underlie my work were selected from the Bible and the writings of Sir Isaac Newton.
Nearly a century later, people like me find themselves in agreement with much of what Mr. Babson had to say, about which I'd love to write someday as a meander.
Labels: bisects-forks-medianlines
Thursday, February 27, 2003
using Median Lines on RSI
Last January 2002, "Dave", a member of the yahoo MedianLine group, shared some very interesting ideas about RSI and particularly how Median Lines ("forks") can be used as a timing device. The gist of his revelation is, to paraphrase,
- the ML represents velocity (ie, price-time),
- RSI, and similar indicators, represents acceleration,
- as such, RSI "leads" the ML by a half-cycle.
It isn't necessary to know this in order to use his idea, but there may be a few who are interested.
I've often used this method and using today's SPX 15m chart, thought to jot down notes using a real-life example. For each price fork there is a corresponding RSI fork. Because RSI oscillates, this is straight-forward as RSI tops/bottoms are more obvious. Dave suggests using an RSI multiple of 7, but I haven't noticed that this is necessary for intraday work. So, having drawn the corresponding price & RSI forks, one then watches each for a failure, ie, inability to reach the next "balance" point. These "failure points" are potential pivots from which a new fork can be drawn. As price plays out, the new forks will either work or fail.
What is evident from the chart below is that yes, indeed, RSI fork failures are harbingers that a new fork is taking over. This is seen by looking at the blue fork labelled "4". Although price managed to reach the Median line, RSI failed to do so and reversed. This said that a new pivot was in the making and to watch for its reversal. The new pivot eventually developed into the orange fork labeled "5". This process again played out as the green forks came into play.
While one should remain open to what does happen (and not get wed to a scenario of what might happen), a modestly bullish open for Friday is suggested as price broke through the orange RSI fork, which is stronger relative to price, which is still within the orange fork (a positive divergence) .
If this all seems complicated, it's no more so than any other system.... once you've mastered the use of the tools. As I've said many times, practice by doing, repeatedly. It begins to make sense after a while (a long while -lol). Good luck!
Labels: bisects-forks-medianlines
Tuesday, November 05, 2002
Weekly bisects
Don't know about anyone else, but I'm finding it tough to DECIDE what to do...no matter what time frame. It's like walking in a mine field, what with "news event" noise so loud, with bullish desires so strong, and bearish needs too recently satiated. Times like this best to pull back a bit.
Here is one idea that I've been watching-- the convergence of those two bisects on the
weekly chart. The bullish case is winning just now, but as I indicate, a reversal, even late in the week, would straddle that nexus and put a bit of mud on the bull horns. I'll be updating the chart at the end of each day, however may or may not add comments. Stay safe and keep good thoughts!
Labels: bisects-forks-medianlines
Tuesday, August 27, 2002
What are all those lines anyway???
What is an "Andrews Pitchfork"? Looks like a bunch of arbitrary lines! Useless!
Sure, I can point you to the A-B-C of how to draw one and even to create one. But of all the many technical methods, this one seems to baffle the casual viewer more than most "traditional" methods. Perhaps the biggest reason is that very little is written about the method and what is out there often over-complicates it.
Calling these lines "pitchforks" doesn't help. They are also known as a "bisect" and "median line", which to me are more suggestive of what is going on.
"Forks" are simply trendlines drawn using significant price points (pivots). What makes them useful is that they embody the funadmental Dow concept of balance, later expanded upon and popularized by many many market gurus including Elliott, Gann, and others. Using a physical analogy, there is an action followed by a reaction. The middle line, the "median line" literally bisects (cuts in half) price reactions as they relate to the originating pivot, the "action". Price is either above or below that balance as it moves out in time. Now that is quite simple.
The more one uses this method, keeping in mind the simple premise, the less baffling they become. Choosing the pivots also focusses attention and suggests potential changes as they happen. Everyone wants a number, a date, a simple answer. While bisects can do that, they also remind you that the market is always in a state of flux, moving from extemes and only briefly in balance.
Today's aggressive move off the lows has some characteristics of a genuinely bullish pullback rather than the start of a more severe correction. Nevertheless, there are enough weaknesses (still overbot, low volume, overhead resistance) to suggest keeping a tight reign on longs.
Labels: bisects-forks-medianlines
Friday, April 12, 2002
Breaking down the Andrews & kvetching about the action
A short anatomy of how I use the Andrews. Best to right click
this 60m chart link and open it in a separate window to follow the comments.
Three uses of Andrews here:
-- The Red "conventional" using peaks/troughs as pivots
-- A Green "Schiff" using the midpoint of the prior move, with the peak of the rally as the time start; and
-- A Purple "Gap" Andrews (ie, drawn using a prior gap as a pivot)
Each sheds insight into rally possibilities:
-- All three allow for failure of the move, giving low bounce targets of 1341/1299 (red); 1330 (green/Feb low); 1319 (purple)
-- Resistances on this 60m chart are 1365 & 1419 (purple) and 1390 (Green & Red)
Finally, the daily must be considered: 1335/1411 fib supt/resist.
In summary, the odds continue to stack in favor of high volatility consolidation between 1299 and 1399 (or 1350 +/- 50).
For the following comments, open up
this particular Daily chart.
I find the Accumulation/Distribution line interesting here. Notice that it is at about the same levels as just before 911. Notice too how flat that line was during the April 2001 rally distribution phase, despite the very noticeable price declines. Today, the A/D shows more decline for proportionally smaller price decline. For a "Spring 2002 Rally" to materialize, the A/D needs once again to breach its now declining MA. There is some support for such a "rally up" view as RSI for this lower low is slightly higher. However, IMO only an optimist would believe to be a "double bottom" situation. See the
working Daily chart for what IMO are reasons a rally will in the end be thwarted near the 1411 level. Nevertheless, it does open the door for some gains, as moderated by the less bullish action on the weekly chart.
In summary, trading long is still going against the dominant flow, which is down, until a clear reversal is evident (heh heh, by which time it will have run its course!)
The reality is that index trading has been quite crazy making for position traders. Even with a "perfect" short entry at 1710, profits have declined by 50% numerous times, no doubt shaking a few hands off the tree. And while offering new "add-to" or fresh entry points, holding a position has demand tolerance to extremely wide stops (and deep pocket drawdowns) or simply standing aside.
Similarly, scalping regulary generates high commish/slippage costs, particulary as moves have been consolidative (ie, triangles), with high volatility swings in both directions, stopping out long and short positions before the breaks materialize. Base hits and sitting on your hands has been the norm. Doable, but demanding of patience and discipline so as to preserve captial, what to say of perspective!
In short, quite a bit of effort for hard fought returns. Perhaps later this weekend (as a break from doing taxes), I'll consider some reasons "why", although I continue to find most "reasons" to shed little light on just what to do, short of playing the rotation game via either direct stock picking or judicious ETF rotations, both of which also require study, effort, discipline, and patience.
No doubt in my mind, there is more of the same for all traders in the months to come.
Labels: bisects-forks-medianlines
Wednesday, April 10, 2002
in the midst of distraction... here's a "Modified Shiff"
I am distracted as
- the power supply to the laptop won't arrive for another 5 days (but did manage to save $60, so it is worth it) and
- Norton System Works has put a foul wrench into my desktop, which has burned countless hours of uninstall/reinstall/blah blah blah
Fortunately, we have our charts to take us to a better, more orderly world (big LOL).
I did manage to add "Modified Shiff" pitchforks to the 60m and Daily charts. These forks take their price origin at the midpoint of a significant move, with the time origin being the hi or low of that move. Call up the daily chart (use the 3rd thumbnail above) to study it. It took me a few times drawing them to see the gist of their intent, but it is a good tool for working out these complex distributions.
Whether it pans, of course, we'll see. Note that there is a tight confluence of trendlines
right here (ie, ~1360, which I discuss below).
Labels: bisects-forks-medianlines
Wednesday, March 13, 2002
Looking at the NDX 60m Andrews
If Elliott waves make you seasick, you might consider putting elbow grease into using Andrews pitchforks. The premise is simple: projecting the half-way point between two price extremes creates a map in both time and price. Like a pendulum, price will move between those extremes, and sometimes along the "trendlines". Jumping the track signals a change in plan, at which point one uses prior or new Andrews to create a new map. Users of Fibonacci and Gann will see Andrews as complementary as it often projects similar patterns. As a belt and suspenders approach, traditional TA indicators like RSI, MA, etc, can affirm your observations.
While there are "rules" laid down by Mr. Andrews, his students, and modern users, the best teacher is
your constant and consistent use of the tool.
Labels: bisects-forks-medianlines
Wednesday morning - NDX range comments
Bounced quite a bit between the 1504 caution and 1511, the bottom of the bullish range. 1504-1492 is the get ready to sell range. A clean break of 1488 puts us in the clearly weak zone. Not losing sight of the fact that this is OE week, which is also a
triple witch, adding an even greater dose of uncertainty to the usual chaos.
Labels: bisects-forks-medianlines
Tuesday, March 12, 2002
Tuesday Morning comment - NDX range
The range I'm now watching is NDX: 1511:1555, with particular interest if price moves above 1518 and holds it on a retest. As always, this is FYI and specific to my own trading plan. 11am pst edit: Forgot to mention that 1504 is the low caution.
[ Blogger is still whack, was time-stamping the entries WRONG, looks fixed, but is it??? NO ]
Labels: bisects-forks-medianlines
Thursday, February 14, 2002
more on that 60m COMPQ Andrews
What is curious about the "lime green" fork is its starting point-- it doesn't appeal to any sense of "balance" even tho' it does contain this jaggy price move. By balance I mean that partic. point is "just another low" and not a pivotal low.
Note that price has retreated back below the larger red Andrew Median Line, which also marks a retreat below 1857, the 50% balance point of the 1 Feb high to the 8 Feb low.
Labels: bisects-forks-medianlines
Wednesday, February 13, 2002
60m COMPQ Andrews
Here is another view of the 60m Nasdaq Composite, showing an Andrews pitchfork overlay, which coincidentally caps the move at ~1862, the same target as the AB=CD shown earlier.
Labels: bisects-forks-medianlines
Thursday, February 07, 2002
The Point of Balance
We are at a Crossroads: the most important actio:reactio point of balance, the 50% price point of the September Rally. So many clues pointing here.
There is a significant COMPQ gap at 1746:1786. This is also the 50% fib of September rally at 1743.
The 1746:1786 gap was "the" measured gap move of the rally. Mentioned before that when COMPQ hit the 38% of the Sept rally, it began working off Sept gaps/fibs, which is a change from before (a few days ago) when it was still getting support from April gaps/fibs.
So, sitting near 50% of the September move should be a consolidating area. If (when) it breaks, it may come back to retest, but IMO, there is more correction ahead, just a matter of time.
By way of example, the April rally used the gap of 1923:2005 (which straddled th 50% retrace of 1973) repeatedly after May 22 high. It even used that zone in Sept rally (the so-called "gap echo".
Even tho' these are COMPQ #, the overlay with NDX is good. The COMPQ is IMO more amenable to gap and Fibonacci retrace analysis than the NDX. Because the COMPQ includes small caps, it is worth watching the NDX/COMPQ ratio. Today, the NDX closed at 1413.8, 2 pts above the 50% retrace.
the Gaps chartLabels: bisects-forks-medianlines
Sunday, February 03, 2002
actio-et-reactio pattern ::: AB=CD reversal
One of the best examples of actio-reactio, balance, is the AB=CD pattern. In the chart below, the Japan iShares EWJ monthly chart, the leg AB is the first downdraft, which is geometrically equal in time and price to the CD leg, the second downdraft. This is further reflected in the reciprocal zig-zag relationship (ie, 1/0.941 ~ 1.068). This index is clearly approaching a buy.
Labels: bisects-forks-medianlines
Friday, January 18, 2002
bit more up
Andrews/Median-lines on the SPX and COMPQ show a slight positive bias. This supports my view we get just a bit more up tomorrow, despite some after hours selloff.
Labels: bisects-forks-medianlines
