I posted quite a bullish analysis for PLA the other day. This was one of the charts I posted:
What I liked: -Double bot -LT touch of a 150% support tine (not shown) -green fork projection -red fork touch of med tine likelihood for retest of res tine
Just opened my watchlist & saw its significant drop today. See chart below with what has happened.
Learnings:
1. It takes more than drawing a few lines to change a major trend & by any measure PLA is in a major D/T
2. Just because we can DRAW a pitchfork it bears NO relationship on the likelihood of it succeeding ? it?s the RULES that count.
3. I ignored the FACT that the red fork was actually still MORE valid than the green fork until proven otherwise; T91 always talks about proving breaches of lines. (Also Rob talks in a similar vain although he is yet to be seduced to the elegance of the p/f LOL)
4. In fact the only time that the green fork would have been validated is on a breach of the red res tine with potentially a retest and a further move North
5. I still have a lot to learn about this charting caper! (Its a lot easier in theory than in practice.)
