Hello all,
This is a continuation of the linked chart below. In anticipation of a reversal I have 2 forks that tell the story.
1. The yellow fork: If P2 confirms ( Therefore fails to reach median line ) I can expect strong selling pressure past P1
2. The purple modified schiff fork: If the above scenario plays out the next logical target is the lower MLH ( Median Line Parallel). The market may pull up around the intersection of the purple ML & yellow lower MLH however the dotted arrows is what I am anticipating should P2 confirm.
If the probable P2 is taken out, this scenario is toast!
Sincerely,
TIK
This is a continuation of the linked chart below. In anticipation of a reversal I have 2 forks that tell the story.
1. The yellow fork: If P2 confirms ( Therefore fails to reach median line ) I can expect strong selling pressure past P1
2. The purple modified schiff fork: If the above scenario plays out the next logical target is the lower MLH ( Median Line Parallel). The market may pull up around the intersection of the purple ML & yellow lower MLH however the dotted arrows is what I am anticipating should P2 confirm.
If the probable P2 is taken out, this scenario is toast!
Sincerely,
TIK
