Andrew's Pitchfork, otherwise known as median line studies utilizes the concepts of support, resistance, and retracements. As is visually depicted below, Andrew's Pitchfork consists of: • Handle • Resistance Trendline "tine" • Median Line • Support Trendline "tine" now lets see with an example how andrew’s pitchfork works. At very beginning we need to find a significant pivot or retracement (in the chart above, the lower left corner). Then find the next significant pivot or retracement. Thirdly find the next retracement. Now look at the graph. Red box areas showing the Low point, High point and low point. We also can see the support and resistance line and median line. The price of that share did not cross its resistance level and always got support at the support level. in the last are the price broke the support line and continued to fall.
Chart Analysis
