S&P 500 Correction Chart: Another Pitchfork In The Road

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via J Butcofski & K Swartz

Last week, I shared a chart that started an Andrew’s pitchfork off the 1987 lows. The purpose of that post was to highlight potential levels of support (especially in light of the current stock market correction).

Today, I have another pitchfork chart. This time it starts from 1982… and perhaps George Orwell is onto something here?

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There’s a lot of symmetry and alignment here.

The pitchfork is formed from the 1982 low to 2000 high to 2009 low. Note that price stopped at the pitchfork’s 38.2 resistance line… which also happens to align with the 2.382 Fibonacci extension (created off the 2007 highs to 2009 lows).

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Same bat time same bat channel so to speak. Potential Fibs and fork lines represent support/resistance.

 

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