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Strategies & Market Trends : John Pitera's Market Laboratory
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To: Chip McVickar who wrote (1432)4/29/2000 5:33:00 PM
From: IndexTrader  Read Replies (2) of 33421
 
Hi Chip,

Hope all is well with you.
I was looking over some forks today & I wonder if I can get your opinion.
I am looking at the fork off the Oct 99 low (Jan high/Feb low intersect). The S&P seems to be moving around the middle tine (which would take us to about 1540 in short order). Also, the next fork I was looking at is from the Feb low (intersect March high/April low). The two middle tines seem to meet (possible turning point) some time around mid- May. The price at this intersection is approx 1553.

I wish I could post charts with the forks, but do not have a site to work from.
siliconinvestor.com
There is also the (slightly downsloping) fork from the January high (intersect Feb low/March high). This had been supporting the market lately. The upper tine is (approx) 1540, also.
Now, to make this even messier:
The long term weekly fork off the Oct 98 low (intersect July 99 high/Oct 99 low) seems to have contained price all the way up.
siliconinvestor.com
The January and March highs reacted off that middle tine. We fell below the lower tine but quickly got back up.

I sure hope this post makes some semblance of sense! Just curious if you see potential for the 1540 area SPX based on these forks and if you agree on a mid-May turning point.
Thanks in advance.
Susan
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