Member
Posted 23 February 2022 - 06:36 AM
A long term Andrews Pitchfork using the late 2018 low and the pandemic high and low in early 2020 provides a first level of support at about where the DJIA is currently. If that doesn't hold, it's a long way down to the center line somewhere between 26 - 27k at about the level of the two tops in 2018. The bottom pitchfork line would see the DJIA plumbing the 2020 lows in the 21k neighborhood.
Regards,
Douglas
Member
Posted 23 February 2022 - 08:52 AM
I'm more of a follower of the John Smith fork but looks interesting!!
Member
Posted 23 February 2022 - 11:55 AM
12SPX, OK, I'll bite. What the heck is a "John Smith Fork". I tried Google, then duckduckgo, then Investopedia all to no avail. Could you please show me one and tell me where I can find out more about it. Thanks from a shaky indicator junkie who needs a fix.
Regards,
Douglas
Member
Posted 23 February 2022 - 12:18 PM
Whoops sorry I forgot my "lol" meaning I don't know what the heck a Andrews pitchfork is but have seen those before. The one thing I've always said though is its easy to draw lines after the fact and have yet to see people actually stick with their original forecast because its to easy to redraw the lines lol!!!
Member
Posted 23 February 2022 - 01:13 PM
12SPX, you had me going there. I never do Elliott Wave counts or trend lines in ink, only pencil! To err is human, to have an eraser is divine. The great thing about posting something here like this Andrews' plot is that it can't be changed once you post it. You have to live with it in all its ugliness if it flops in the dirt, and I've got plenty of dirt on my face, but as I always say, if you can't predict correctly, at least predict frequently.
Speaking of predictions, I will be amazed if the top line holds support in the Andrews' Pitchfork that I showed. The middle line is more interesting, and the bottom line is just plain frightening.
Regards,
Douglas
