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Pitchforks charting technique
Dr. Alan Andrews developed this technique of drawing a Pitchfork based upon a Median Line. Dr. Andrews' rules state that the market will do one of two things as it approaches the Median Line:
1. The market will reverse at the Median Line.
2. The market will trade through the Median Line and head for the Upper Parallel Line and then reverse.
The Pitchfork is often used to find the top of Wave 3. Wave 3 will usually end on either the Middle Line or the Upper/Lower Parallel Line.
Andrew's pitchforks are built based on three extreme points. Based on three set points, the program builds the image of three beams. The first beam was built with the beginning of the first point and passes through a midpoint of the piece, connecting the second and third points. This line is called "handle of pitchfork."
Further from the second and third points, two beams are built parallel to the first beam. These lines are called "prongs of pitchfork." The interpretation of Andrew's pitchfork uses standard rules for interpreting lines of support and resistance.