A thin line separate the bulls & the bears
Using the uptrendline extended from 2009, this log chart for NYSE composite index has a very very close call on the uptrendline.
Price has been ranging between Pivot point & R1 since Dec 2013, surely price will try to break that R1 or reach R2 if not the previous high @11108.39, failure to do so means it would probably retrace to Pivot again but this time it is gonna be totally different ball game. Retracement to Pivot for support means the MOST important long term uptrend line will be broken!
For confluence, i will also monitor closely whether the downtrend line for both indicator would be broken
Price has been ranging between Pivot point & R1 since Dec 2013, surely price will try to break that R1 or reach R2 if not the previous high @11108.39, failure to do so means it would probably retrace to Pivot again but this time it is gonna be totally different ball game. Retracement to Pivot for support means the MOST important long term uptrend line will be broken!
For confluence, i will also monitor closely whether the downtrend line for both indicator would be broken
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