Wednesday, March 23, 2005 10:07:46 PM
Here is a CPTC chart I am experimenting with using an Andrews Pitchfork, which is theorized as follows:
Dr. Andrews suggested that prices make it to the median line (or handle) about 80% of the time while the price trend is in place. This means that while the basic long term price trend remains intact, Dr. Andrews believed that the smaller trends in price would gravitate toward the median line while the larger price trend remained in tact. So assuming that yesterday was the low we can use it as one point and count the uptrend as still alive. Target 4+, 80% chance of a retest of the median.
Dr. Andrews suggested that prices make it to the median line (or handle) about 80% of the time while the price trend is in place. This means that while the basic long term price trend remains intact, Dr. Andrews believed that the smaller trends in price would gravitate toward the median line while the larger price trend remained in tact. So assuming that yesterday was the low we can use it as one point and count the uptrend as still alive. Target 4+, 80% chance of a retest of the median.
"The very existence of flame-throwers proves that some time, somewhere, someone said to themselves, You know, I want to set those people over there on fire, but I'm just not close enough to get the job done."
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