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Strategies & Market Trends : Bonds, Currencies, Commodities and Index Futures

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To: Jack of All Trades who wrote (2752)	3/4/2003 9:21:57 PM
From: Chip McVickar	Read Replies (1) of 12411

Jeff, Here is the pitchfork view of the S&P 500 for tomorrow March 5.... In My Personal Opinion... The markets are in a consolidation between the lower Gann 75% down off the 954 high... and the Fib 0.382 off the 806 low. It is also responding to the small lavender fork..... as well as the red fork. Often pitchforks will come in clusters of 3 or 4.... or 5.... especially in choppy markets and consolidations. There is a 5th that I've not drawn....! Can you find it....? Forks drawn off shoulders like the lavender fork... are seen clearly on the 60m charts. Notice how the Oct-Nov price movement from 800 to 954 high coupled with Fibonacci's and Gann lines frame the next series of moves. Price was unable to get over the older lavender fib of 50%... (Gann 50%) and especially the Jan-Feb of 0.382% black fib. The 2nd low in Feb was supported by the 75% Gann line off the Oct structure. Price is again at a critical juncture, break the red forks median line and it should head much lower. stockcharts.com[h,a]daoannay[dc][pf][j10603001,y]&listNum=2 The Gann and Fibonacci lines are resistance when approached and if broken become support later on (or visa-virsa). Gann Lines are 25% -- 50% -- 75% -- 1.00% of a previous price move. Fibonacci's are 0.236 -- 0.382 -- 0.500 -- 0.618 -- 0.786 -- 1.000 Fork median lines and tines are like magnets they attract and then repel the price. Chip

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