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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 670.97

+0.1%

Nov 7 4:00 PM EST

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To: HairBall who wrote (4637)	1/24/1999 9:40:00 AM
From: donald sew	Read Replies (2) of 99985

INDEX UPDATE ============================================== There has been a growing interest in chart formations especially with the WEDGE and PITCHFORK. I mentioned in my earlier update a good example of the WEDGE as seen in CAT. CAT also has a good example of the PITCHFORK. 1) PIVOT POINT(POINT A) - use the highs near 50 on 11/5 2) Create a vector from the lows near 45 on 11/11(call it POINT B), to the highs near 52 on 12/1(call it POINT C) 3) From POINT A draw a vector that bisects VECTOR BC and call it the the MID-LINE or MAIN-LINE of the PITCHFORK 4) From both POINT B and POINT C draw vectors parralled to the MID-line You will notice that CAT dropped to 41 around the middle of DEC which intersected with the LOWER PITCHFORK TRENDLINE(VECTOR B). From that point it rebounded strongly. By the way, I also got a strong CLASS 1 BUY signal right at that time. The pitchfork doesnt work all the time, but when it does it can be used as a viable tool. I have noticed that it works better with stocks that oscilates regularly. Seeya

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