One more thing before the midnight hour. The bands are getting narrow on the 30 minute chart. I'd rather see it on the 60 but have a look. By the way we are slipping out of the Upward Fork!
Be real quite and maybe the bulls will not notice until it's too late.
I wanted to explore and demonstrate the power of Andrews Pitchforks. This chart looks like a mess, and I'll admit it's difficult to view, but if you follow the forks which are color coded you will be able to follow along. Start with the Yellow fork.
At the point that this Yellow fork is violated (Yellow Oval) I started a Green Downward Fork and an Upward Green Fork at the point that Price created a turn just below the breach of the yellow fork.
Soon after the Downward Green Fork was drawn, it was violated (Green Oval). Then a Downward Magenta Fork is established before Price even arrives at the top. I like to establish these forecast forks by lining up the center line with previous turning points. I find it reassuring when the tine lines up too. At this same time an Upward Green Fork is established.
Soon after the Upward Green Fork is violated a Upward Magenta Fork is established.
But I also like to be a contrary, so at this same time I look for a wider fork. This time it's found and the Downward Red is drawn.
At this point we know that the two Magenta forks are in control and that the Red Fork is the larger trend. But always being one step ahead can pay off so I've drawn the White Forecast Forks. This may be getting a bit ahead but we can check back later to see how this forecast works out. Will the Red Fork prevail or will the Upward White Fork gain control?
Normally I would continue to delete the violated forks, but I wanted to show how I place my forks. I would also try to adjust the forks to accommodate the patterns. You may have already noticed that the Downward Green Fork could have been adjusted out so that the center line fell along the turning points and it would have been exactly where the Red Fork is drawn. This is perfectly acceptable and it is how the Forecast Forks are drawn.
The Upward Green fork could also have been adjusted and it would have fallen exactly where the Upward White Fork is. The forecasting power of the Andrews Pitchfork is really quite amazing!
So now let's clean it up by removing the violated forks.
Now lets look at the /ES where an ED may be forming
There appears to be an Ending Diagonal setting up on the /ES.
We may know if this is correct by morning
DDF has a Bullish bias
Hourly Ichimoku has a Bullish cross and is above the Kumo
MoneySpy and PPS are also Bullish.
This appears to be the most likely EW count to me.
Analysis presented on this Blog has only informational, and educational purpose, and does not represent a proposal for buying or selling currency contracts.