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2016issue C0161-64

Median-line far parallel as a precommitted exit

Archive charts use a green line for the far parallel of an Andrews pitchfork drawn from the three most recent large pivots. TradersWeek editorial reading treats that line as a sell-side hypothesis to mark before price arrives and to grade only by whether the later reaction holds or fails.

  • The green line is the far parallel of an Andrews pitchfork drawn from the three most recent large pivots.
  • Typical charting software can draw this median-line construction, so the far parallel can be marked before price arrives.
  • Daily and weekly Dow Jones Industrial Average charts and two Apple Inc. charts are presented as reversals or tops near that green line.
  • TradersWeek editorial framing scores the sell-side idea only by whether the later reaction at the far parallel holds or fails.
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Current trackMedian line19 readings

The green line on the charts

The green line in these charts is the far parallel of an Andrews pitchfork. That pitchfork is drawn from the three most recent large pivots. A large pivot, in this construction, is a prominent swing high or low used as one of the three anchors.

The write-up states that typical charting software can draw this median-line construction. The median line is the central Andrews line built from those three successive large pivots, and the outer parallels sit equidistant from it. The far parallel is the outer pitchfork line opposite the most recent pivot.

Presented reactions at the far parallel

The daily Dow Jones Industrial Average chart is presented with a mega-horn pattern and price near the green line. The weekly Dow Jones Industrial Average chart is presented as showing a reversal near the green line.

The daily Apple Inc. chart is presented as another instance of a top at the green line. An earlier Apple Inc. chart from 2012 is presented as a similar reversal near the green line.

The person who named the mega-horn pattern is described as regarding it as better suited to locating highs than lows. Here the mega-horn is a large horn-shaped swing structure cited on the daily Dow Jones Industrial Average as topping context.

Mark the line first, then grade the test

On this editorial reading the green line is a candidate resistance and exit reference, not a claim that price must reverse. The archive shows an Andrews pitchfork already drawn from the three most recent large pivots, with later price action near the far parallel.

A useful grade is binary and late: the later reaction either holds at the green line in the manner the charts present, or it fails to treat that far parallel as resistance. The archive does not supply a coded definition of hold or fail, and the Dow Jones Industrial Average and Apple Inc. charts remain selected illustrations rather than a tested sample.

Educational research material, not investment advice. Historical source context does not establish present-day performance.
15 of 19 in the Median line track
201728-32 pp.Next on Median lineHow high is high: Elliott wave landmarksTreat how high is high as a diagnosis of the lowest low and highest high, not a hunt for a perfect extreme.
All readings on this track · 19 readings
  1. 1985Constructing median lines from graded pivots
  2. 1986Constructing median and action-reaction lines from pivots
  3. 1989Median line construction from three market turns
  4. 1990A failed median-line test marks the start of wave three
  5. 1995Constructing three-pivot median-line channels
  6. 1996Median-line pitchfork construction for trend and reversal tests
  7. 2000Nested median-line channels as falsifiable swing tests
  8. 2002Median-line versus speed-resistance on one trend
  9. 2003Independent witnesses: a median-line miss, a breadth average, and volume bands
  10. 2012Constructing oblique trendlines and median-line channels
  11. 2013Gold futures wave four, competing complexes, and written ratio tests
  12. 2013The weekly 1-2-3 map as a permission layer
  13. 2014Measured-move and daily pivot price-projection construction
  14. 2014Constructing median-line channels from a pivot
  15. 2016Median-line far parallel as a precommitted exit
  16. 2017How high is high: Elliott wave landmarks
  17. 2017A three-layer veto for a suspected third-wave high
  18. 2020Basic chart rules for Nasdaq trend reversals
  19. 2020Stacking wave counts, retracements, and median lines
By fieldTrend and channels181 readingsBy year201678 readings
All 19 readings tagged Median line
Also on Median line5 readings
1985Constructing median lines from graded pivots1986Constructing median and action-reaction lines from pivots1989Median line construction from three market turns1990A failed median-line test marks the start of wave three1995Constructing three-pivot median-line channels