Pitchfork chart

I am experimenting with a different chart atm & welcome comments.

I have incorporated the Andrews Pitchfork in my analysis
It is giving similar outcomes as my normal charts despite the difference in some of the trends.
The new one has been drawn using the pitchfork with some “hindsight” ( I initially started it after entering box A.) but is now starting to come together nicely I think.

I have drawn the dominant trend lines using the pitchfork tool from the relevant price pivots.
The pitchfork draws 3 trend lines parallel to each other from the significant & most recent price pivots.
This can also be constructed by drawing a line between the price pivots & bisecting that line at the halfway point & then drawing the higher & lower parallel lines from the pivots.
Floating parallel lines are drawn in when the sp fails to reach the outer parallels.
These parallels become more relevant the more they are hit & may become a support or resistance & are also an area where a pivot point may form in the future.

The theory is that the sp reverts to the median line 80% of the time after swinging high or low.
My analysis is loosely based around VSA & the Wyckoff trading method.

The first pitchfork in Magenta marked as A, B & C marks the dominant down trend line.
There have been 3 – 4 other sets of pivots on the way down that I drew in & removed to cut out the clutter but all gave similar results when updating over the last 30 odd trading days I have been watching it unfold.
The second pitchfork marked as 1, 2 & 3 is the current counter move & potentially the start of a new uptrend.
As this is still early days for a study using the pitchforks I may get it more wrong than usual but will see where it goes.

So looking at this chart, we are clear of the median line & at resistance of $0.13 and near the floating parallel at $0.135. (This floating parallel is where I would expect a pull back or pause at the very least.)
If it clears those two prices then there is a line marked as T1. This is the first target line based on the pitchfork. I am not totally sure how that works but believe it to act as an initial resistance. If the short term trend continues up the sp should meet the box top & T1 on the 19^th Jan.
Whether the sp will just pull back, go sideways or power though I have no idea.
Either way there are 4 potential resistance lines to contend with in the next 4 – 5 days.

Further out between the box top and the median line there is another trend angle line coming off the two peaks A & X which is my original trend channel top line.

My assessment of the last few bars is that the professionals conducted a test to see if there were more sellers hanging around. This test was successful & they have now decided to mark up the sp so they can sell a number of their accumulated shares before starting the process again.
I would be looking to see higher volume & wider spread candles / bars as or if they move it up.
I would also be looking out for any higher high & wide spread bars that close back near or below the center as this would indicate selling.
I don’t know how accurate this assessment will be as it is still early days for me in this method of TA but it feels right.

If or when this current rally fails then I would expect the bottom parallel line to act as support.
I will update the prices & post this chart as it is every few days to see how it goes or until it makes a new pivot point.