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Non-Tech : Kirk's Market Thoughts
COHR 164.80+0.8%3:59 PM EST
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To: Kirk © who wrote (3183)6/16/2015 9:02:59 AM
From: Chip McVickar1 Recommendation

Recommended By
robert b furman

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Kirk -

By using the weekly in this case you can see clearly how over 11-12 weeks price bars have held on to the median line.
Pitchfork adherents describe price dynamics as being drawn to or pushed away towards the pitchfork tines like a magnet.

There is also a mid line or 33% line in between the median and outer tines they act to define the price move.

In the SPX weekly chart you posted price on the low yesterday was held by this intermediate or 33% line.

Daily forks are pointing down most upward looking have been broken or price is hanging on lower tines.
The lower tine of the large daily fork framing this market sits at 1970 1980 - price sits directly on its median line today
Looks like 2020 will be seen first and the closing of a futures gap with a 5 to 6% decline by last weeks in June.

At worse I could see a 10% loss and 1900 with a futures gap closed
Even the 10% move sustains this long-term consolidation which I believe will end soon with much higher prices especially in the Nasdaq. Dow will be a laggard.

More on economic metrics and stores of value later on

I will consider your offer on a subscription - these boards are a free exchange of information
- no doubt I've received insights from many others including you over the years.
I thank you for your participation on these boards.

Chip
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