First Look at TA!Looking at the 3 year TA charts I expect to to see the 200 day moving average get taken out, if not today certainly by Friday.
Going back to the 3 year last low which was established Feb/ 2016 and last high the following spring Aprril/2016 I finally was able to apply the Andrew's Pitchfork.
From that exercise I conclude that will have a swift ride to about mid point of the fork .33 cent then with any good news to Top end of fork about .60-70 cents by late fall.
Attached please find explanation of Andre's Pitchfork theory.
The first step to using Andrews Pitchfork is selecting three points for drawing. These points are usually based on reaction highs or reaction lows, also referred to as pivot points. Chart 1 shows McKesson (MCK) with Andrews' Pitchfork extending up from the June low. The first point selected marks the start of the median line. Points 2 and 3 define the width of the Pitchfork channel. The median line is based on two points: point 1 and the midpoint between points 2 and 3. As such, the median line starts at point 1 and bisects points 2 and 3. This controls the slope (steepness) of the median line. The outside trend lines are then extended parallel to the median line. The red Andrews' Pitchfork shows an alternative median line based on the July low for point 1. Notice that the red median line still bisects the line between points 2 and 3, but it is steeper than the blue median line. Pitchfork slope depends on the placement of point 1.
