Tuesday, May 09, 2017 1:16:58 PM
SPX Fork update,
All that's changed is elimination of the purple fork, which became irrelevant two-thirds of the way through April.
I have doubts about price going much higher. The middle tine of the red fork, which will eventually align with SMA(100), is still an easy target, as are both SMA(20) and SMA(50).
If price follows the green fork higher, it does it in the lower half, and probably does it by creating yet another horizontal channel. That would create a new high from which a new downward fork could be drawn.
If price does not follow the green fork higher, I'll eliminate it, as it becomes increasingly difficult to find a fork that supports a higher market.
All that's changed is elimination of the purple fork, which became irrelevant two-thirds of the way through April.
I have doubts about price going much higher. The middle tine of the red fork, which will eventually align with SMA(100), is still an easy target, as are both SMA(20) and SMA(50).
If price follows the green fork higher, it does it in the lower half, and probably does it by creating yet another horizontal channel. That would create a new high from which a new downward fork could be drawn.
If price does not follow the green fork higher, I'll eliminate it, as it becomes increasingly difficult to find a fork that supports a higher market.
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