Short Term Trading Weekend Lounge : 23-25 Sept, page-102

I've got more front than Myer's so I thought I'd have another crack at the JCS chart to see where I've been going wrong so far and what I might have overlooked.

Looking at the weekly, and first the yellow fork:
Median line theory (the original term for what is commonly called Pitchfork charts) states that if price fails to make a median or any of the significant fork tynes before pivoting, it will reverse further in the other direction (further than the distance between two main lines on a fork). This has been proved correct where the price failed to make the first yellow dashed warning line at point 1. The price then did indeed reverse in distance further than the gap between the dashed yellow warning line and the top yellow tyne.

Now points 1 and 2 on the chart didn't line up with any levels I had on the daily chart and I didn't want to draw any more lines on that chart so I decided to turn to the weekly again. Looking at the aqua fork, we see the peak at 1 coincides pretty well with the second warning line of the aqua fork although they don't touch it. So again we are looking for a reversal of greater distance than the distance between the aqua fork's main lines and we get it again with price pivoting at point 2.

The question then arose, does the pivot at 2, occur on a significant fork line and it does occur right on the 150% level (halfway between the top aqua tyne and the 1st warning line). This has been shown in red. Note how it also provided support around two months ago after the initial spike to 3c.

Finally, I've included the long term pink tyne as a reference. Price has pivoted before the pink median at 1 however there is every chance that price will make it there on the next wave or two up given the strong fundamentals in place. Note also most of the volume has been traded at 2.4/2.5c as shown on the volume bars on the left so this will be a point of resistance going forward.