SOLANA - Schiff Pitchfork PatternSOL 1-hr. Chart Analysis
Basically, Schiff's Pitchfork have three lines, and each line starts from one of the pivot points. The lines are called the UPPER LINE (UL), the LOWER LINE (LL) and the MEDIAN LINE (ML). The pitchfork is intended as a quick and easy way for traders to identify possible levels of SUPPORT & RESISTANCE for an asset price RANGE.
This cycle of Trend-Line i check out from 1st july to 10 july for CRYPTOCAP:SOL Supoort and Resistance signals of 18, 19 20 to 22 dollar price ranges. It indicates that soon it will be reach out again their lowest support mark of $18 price range within next 24hrs.
Always #DYOR & Trade wisely by using #StopLoss
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Schiff Pitchfork
TCS short idea using PitchforkSchiff Pitchfork
Since TCS has already fallen below the 0.5 line of pitchfork
It is possible to touch the next level, blue line.
It is also possible for slight retest before breakdown.
Short Entry is possible below yesterday's low at 3385.
SL is at the Pitchfork 0.5 line at 3397.
Maximum target is higher at around 3290.
However, it has already fallen too much. Maybe one more downside is possibly remaining.
Being a bit conservative near previous highs, we can exit our trade at level 3350, 3300...
Even considering SL and round figure values as support, the first target gives us, minimum RR ratio of 3:1
Aksh Optifibre- A great compounder and multibagger of the futureSchiff Pitchfork ML play + traditional pivot and fibonacci systems used to find levels....
Kumo cloud of ichimoku is provided in the chart which is derived from the weekly chart..
There are 2 possibilities of the track of the price action to go, we will have to watch how the weekly pivot is held/broken...
If the weekly pivot is broken the daily S3 support is expected to hold the price which also corresponds the 1.618support of a fibo ABC drawn..
Disclaimer.... No current investment, interested in the fundamentals of the business and looking to bottom fish... Not an investment/trading recommendation..
PTC INDIA- A Potential Compounder in Making1.Reciprocal Bullish ABCD formation almost complete near the weekly support S1
2.Reversal to be impulsed back to the Median line of the pitchfork according to Price Magnet Theory
3.Several levels including weekly resistances and Fibonacci levels of BCD 0.73% , taking D point in the weekly support S1 , has been taken in correspondence to the pitchfork
4. Bullish Reverse Divergence on RSI oscillator validates the upmove projection
Disclaimer... Invested and averaging down... this is not a time dependent analysis
Not an investing/trading recommendation..
A Modest Compounder -Ganesh Benzoplast LtdGANESH BENZOPLAST 1D BSE Present situation...
1.Symmetrical triangle
2. Last uptrend rejected by the Kumo Red resistance cloud and heading downwards
3.Last stupport was taken on the weekly pivot level
4.Impending triangle breakout, marked by nearing apex and lower volumes inside the triangle...
Symmetrical triangle breakout..
Bearish breakout is likely die to the following reasons..
1.The red kumo daily cloud has rejected and has formed a persistent red cloud over the price which is likely to get rejected again if approached
2. 2 different ABCD formation is likely with the lower C point yet to be confirmed before the CD leg, the C point is expected to form below the triangle
3. The weekly pivot marked in red horizontal line is below the triangle
4. the weekly ichimoku kumo green support cloud is way below the triangle..
5. the price failure theory of the pitchfork median line
So we have an intratriangle resistance, and all the supports below the triangle ..
So a breakdown is likely...
The breakdown is to take support from either the weekly kumo cloud out or inner margin or the weekly pivot point
The next uptrend is probably because..
1. the price magnet theory to the pink median like of the schiff pitchfork
2.support and bounce from the weekly kumo cloud
3.ABCD formation
4. Bounce from Pivot to resistance(weekly)
The upward initial limit of the bounce is assessed with the fibonacci levels of the ABCD and a little higher than that is the weekly R1 resistance ...
LAstly, the fibo arcs beautifully confirms the projected sequence of events taking place at the breach of each arc, as has been the case previous when the price was inside the triangle...
Disclaimer... No current investment, interested and tracking fundamentals.. this is not an investing/trading recommendation..
this is not a time dependent analysis
The scale is being shifted on publishing the idea and the arcs are getting messed up, so here is a screen shot of the arcs to the original scale i was working with...
JAIN IRRIGATION DVR on a downtrendNSE:JISLDVREQS BSE:JISLDVREQS
Present scene..
1.The Kumo cloud in the weekly will give temporary support to the falling prices ..
2.The Price action is present between weekly support S1 and weekly pivot
3.The 0.283 arc support
4. Median line of pitchfork , price magnet theory..
5.Fibo support of 0.5BC of the Reciprocal ABCD...
Why crack down expected...
1.The is a small kumo cloud escape zone
2.A Reciprocal ABCD is expected to form
3.Expanding wedge
4.The 0.382 arc is the actually support arc waiting...
5.Price failure theory if andrew pitchfork
6.Bearish Divergence
The downside is expected to halt at the green 0.382 line of the pitchfork , which also completes the reciprocal ABCD formation and is the 0.618 support arc, also validated by the 0.786BC of the reciprocalABCD and weekly support S2..
And as this is a bullish reciprocal ABCD , a upmove is expected to start after the downside , whose primary resistances can be expected to be at 0.382DC and 0.618DC respectively....
Disclaimer... this is not a time dependent analysis....No current investment
This is not an investing/trading recommendation....
NIFTY with SCHIFF PITCHFORKNIFTY monthly chart as seen after drawing SCHIFF PITCHFORK .
WE can observe few things here:
1) The median line is very strong support and candles in the past clustered around the median line before a bounce.
2) Whenever Nifty went to the +50% line (upper half) it reversed. It happened 2 times, i.e late 2010 and early 2015 (marked for your reference)
3) Most of the times NIFTY has been trading in the upper half of the pitch fork .
4) The angle of inclination of the median line is apporx 14 to 15 degrees indicating slow and steady growth over the years.
