The white Fork describes the context and where price potentially can pullback to. As we see, price reached the Centerline two times. Now, the third time it failed!
The yellow steep Fork describes the current flow, which looks like it is to the upside. BUT: watch, price is outside the L-MLH. Even worse, price tested the L-MLH a couple times now, but could not push through into the Fork again.
The Orange Modified-Shiff Fork describes the Pendulum-Swing. The U-MLH got breached, but price fell back into the Fork again. Usually if price falls into a Fork again, there is a very high chance that price will reach the Centerline!
The red Mini-Trendline got broke too...price is loosing it's traction to the upside.
All this talks for a coming Pendulum-Swing to the downside.
The only part that makes me go ummmhhh.... is the coil (white sidways action). Of course, the trading above it could just be a fake and all the Bulls get washed when the party is over and the coil gets killed on the potential down thrust.
However, it looks to me that this party finds it's end soon...
Just for chuckles, let's see what kind of a RIsk/Reward we had, if we where to enter short right now and we base our target ner the Centerline: 1:4 seems not too bad for my gusto.
Maybe I join the chute and have fun...
BTW: ...my new Bread & Butter Strategy course is coming soon. So take the time and get the ForkTrading BLUEPRINT for free, so you can follow-up on the new course - Dont Miss This One! §8-)
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