CHART Thread, page-576

Hi thevinnys - yes, I am familiar with Andrews pitchfork. It is a very useful tool as it is part of a family which looks for support and resistance fractals and can work in short and longer term time cycles.. You can see how the SP waves move within parallels.

Also useful are GANN Fans for macro projections, which will run "trend" lines from a central point (pivot high/low) usually at a 45 degree angle (most chart packages have a problem in calibrating a 1:1 price/time ratio so easy to get this one wrong in plotting the angle). So if you think of an Andrew's Pitchfork, the lines are parallel to each other while GANN fans are like trend lines spread across different degrees of steepness. So when a stock runs hard it will have a very steep short term trend. As it slows, "time" catches up and so another trend (or speed line) can be drawn.

The key difference is that Andrew's is more of a fixed channel indicator while GANN is more of a fan structure where the starting point is narrow and over time widens. Given the IHL pattern, gyrations around the core trend is good to incorporate into TA IMO. As we extrapolate trendlines in time, that extends roughly to a 40 c base end of this qtr. However, that only takes the SP to the supporting trend line angle and from there the top of the channel would be around 50c. (from where we could see a further breakout) Of course this could, and IMO likely, to happen a lot earlier on news lifting the core trend line angle north.

Hope that helps!