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Strategies & Market Trends : Tech Stock Options
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To: HairBall who wrote (53330)9/20/1998 10:37:00 AM
From: donald sew  Read Replies (1) of 58727
 
LG,

>>>>>>>>> Look at the ANDREW'S PITCHFORK..... Ok, what are the three parameters you are using? <<<<<<<<<<

Draw a vector from the Highs of 7/20 and end it at 7500 on 9/18. That could be the main vector. Thats based on the assumption that 8100 will hold on the upside. Even if the DOW was to move to 8300 it would only change the slope of the main vector slightly

Now draw a vector connecting the intraday LOWS of 9/1 and the intraday HIGHs of 9/16. The MAIN VECTOR should bisect this vector, which lets call it the A-B vector [POINT A(lows of 9/1) and POINT B(HIGHS of 9/16)]. Now draw 2 more vectors starting from point A and point B which are parrallel to the MAIN VECTOR, heading downwards, and should be equaldistant from the MAIN VECTOR. That should complete the ANDREW PITCHFORK for now assuming that 8100 holds. VECTOR A then becomes the lower trend line - YUCK YUCK YUCK!!!!

Of course I am also making the assumption that the market will turn down soon, since if it just flattens out it will negate the PITCHFORK. If the market continues up, such would not negate the PITCHFORK, but just change the angle of the MAIN VECTOR upwards.
Obviously, it requires alot of confirmation and is far from being conclusive.

Here's the interesting issue - The DOW already had an ANDREW PITCHFORK during this downtrend and that was at the 8600 STAIR STEP and it did accurately project the bottom at 7400. Draw a vector from the intraday LOWS of (POINT A) and connect it to the intraday HIGHS of (POINT B). Now draw the MAIN VECTOR starting from the intraday highs of 7/20 so that it bisects this A-B VECTOR. Then draw 2 vectors from POINT A and POINT B parralel to the MAIN VECTOR to complete the PITCHFORK. If drawn properly, when the DOW got to 7400 it intersected with VECTOR A(lower trendline) and bounced from there.

Seeya
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