anchor points are subjective, for longer timeframes I usually use highs and lows...
But you are correct any point can be used...
EW points, I like, are often. X ( or start of a major swing)
and 3 & 4 cuz we may be looking for 5 termination
and like Gann one can move to the next set of swing points and add another pitchfork for dueling pitchforks and look for intesecting lines...
translation of the box, beats me, lol it is just part of the program.
really, Andrews says the price reaches the median line 80% of the time... but as traders how long should we wait? Based on a AB CD formula by counting bars in AB then CD,,, and blah, blah.
The main point is some pivot boxes overlap the median line and some do not, the ones that don't... don't hold your breath on them, or just take them out and shoot them. They are projecting weakness... in this study. |
