Hi to all,I've been reading more chicken entrails recently, so I...

Hi to all,

I've been reading more chicken entrails recently, so I thought I'd provide a quick update on my earlier post (Number 5732673 at 20/09/10 11:54) and the clickable chart it contained. Perhaps just a different perspective really.

While I still stand by everything I said in that earlier post, it is interesting to note how price is continuing to move upwards within a narrow corridor (see parallel blue lines on the new chart below) towards the Median Line of the green pitchfork. This pitchfork is the same as that shown in the earlier chart, and remember that in pitchfork theory, price continually tries to return to the Median Line.

I think it is reasonable to assume that price will reach the general area I have marked in red on the chart as a potential target area. I would not normally expect price to continue up this channel that far without some sort of intermediate retracement or a breather on the way, but given that the DFS will be released fairly soon, it may provide sufficient impetus to the price in this case to achieve just that. Fingers crossed! Overall, everything is still looking very good, however my supply of chickens is starting to thin out a bit.

Any comments or alternative views welcomed. Many heads are better than one - particularly when that one is only mine.

Regards,
Bones