chart, page-20

This is the chart I am working to.
It has 2 fib scales, a few andrew's pitchforks and the EMA 55 of the close weighted median price.

At the moment the price is traveling down the upper channel of the yellow short term pitchfork. It is about to meet the median line (ML) of the purple modified schiff fork, and the support tine of the green standard fork. It is also about to meet the 38.2% of the last stage of the up legs, which would of course be the 61.8% retracement of that leg, at the same time as it meets the EMA 55.

Common pitchfork behavior is for price to rebound strongly away from MLs, or to gap through them. In fact you might even see the bullish descending wedge framed by the resistance tine of the yellow pitchfork, and the ML of the purple fork. That should resolve to the beginning of the formation, which would coincide with the resistance tine of the purple schiff fork.

I am staying with it expecting a bounce. I think that today was all about the bears shaking out the weak longs who were in for the ride to the ex-div date. Next fib support is 20.74. Significant support at 20.12, and 19.58 for the ML of the red intermediate term fork. 20.12 is exactly $1 away from current SP, in the absence of a lead from the NYSE. If we gap, I think I know where price is going, so I will exit and re-enter at a later time.



Of course there is also a lot of extra resistance I have drawn in before we get above $26 as well.