Re: S&P on the tines of the fork?

[adcall <adcall@xxxxxxxxxxx>]

Hi Ned,

You wrote:
>The attached gif is a view of the SnP cash with an Andrews Pitchfork
>indicator on 10 minute bars.

As a newbie to the AP, I don't understand the rules for picking point 'A' 
where the handle commences. From examining other examples of AP which 
have been previously posted they usually show:

1.  The handle drawn from a previous LOW when the AP crossbar runs from a 
HIGH down to a LOW.
2.  The handle drawn from a previous HIGH when the AP crossbar runs from 
a LOW up to a HIGH.

However, in your example of a decline from 'B' to 'C' you have drawn the 
handle from a previous high. I'd be pleased if you could explain the rule 
that you followed to do this rather than draw it from the previous low on 
April 8.

BTW, you also wrote:
>Note that yesterday's market turned at apparent resistance represented
>by the "handle" line.

On the S&P June Future I notice that the April 29 high was an exact 0.382 
retracement of the down move from 'B' to 'C'.

Thanks.

Michael Soliatis