AJ -- I don't know a ton about forks, so maybe JOAT or others will chime in, but a fork that has no hits on the middle tine or top tine and actually has price piercing below the bottom tine doesn't seem to have "predictive value" of any sort. In fact, The channel is a different story, perhaps, and hasn't had its bottom violated (flashback to the ANN convo?).
ADX on your monthly shows that the rally off the lows isn't a trend. That's odd. Index doubles in 2 years and it's not a trend? Strange. Also, if you wanted to count 5 waves up from the lows, you can. Optionally, I guess, you've got to say it's the 3 of 5 or iii of 3 of 3!
Now, as you know, I keep saying here that I think we are heading up... and I had pointed out that the NDX bollinger bands on the monthly are tighter than they've been in at least 8 years (and that's as far back as I looked). We bounced off the top band. Nothing says we can't hit the middle one and bounce...all in this wacky month.
Anyway, we'll see, but my initial point is that your red fork, to me at least, doesn't make any sense. And again, if JoaT or any other forkers can weigh in, it might clarify things for me.
the freep |
