Andrews’ Pitchfork (Bearish)

A technical analysis line study developed by Dr Alan Andrews. The Pitchfork is drawn by selecting three consecutive points on the chart. The first point is a major top (A), the second point is a major bottom (B) whereas the third point is major top (C). The first line (Median Line) is drawn from point A passing through the middle of the line connecting points B and C. The second and third lines (Upper Parallel Line and Lower Parallel Line) are drawn parallel to the Median Line, starting from points B and C respectively. Dr Andrews believed that 80% of the time the price returned to the Median Line. The Upper and Lower Parallel Lines act as support and resistance areas.

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