Another longterm view.
Pros like log charts, so here is one simple channel, going through 1982/2009 lows. Below is also trendline through 1974/1982 lows, 2009 low failed to touch it. This channel and its fib lines are fitting remarkably nice.
Interpret it by yourself, i see there break of middle 50% line (after previous tests) and after reversal at ema and support trendline = obvious bullish sign, cci is not indicating decline. Could be fake, bull trap, sure, who knows, but if not, then we should hold that line or do not sink below 2040.
I am not going to call targets from this channel, 2265/2300 level looks like minimum at linear scale if we entered the topping pattern like in 2007/1999. Or maybe we wiil follow the line for another 3 years like in 2004-2006. Or we just entered the second continuation pattern like in 1996.
Lot of players are calling the correction and buying puts - so it looks like a good chance to catch them on the wrong foot. I will watch 2040, ema67w, red support trendline (1880) and pink resistance line.
Pros like log charts, so here is one simple channel, going through 1982/2009 lows. Below is also trendline through 1974/1982 lows, 2009 low failed to touch it. This channel and its fib lines are fitting remarkably nice.
Interpret it by yourself, i see there break of middle 50% line (after previous tests) and after reversal at ema and support trendline = obvious bullish sign, cci is not indicating decline. Could be fake, bull trap, sure, who knows, but if not, then we should hold that line or do not sink below 2040.
I am not going to call targets from this channel, 2265/2300 level looks like minimum at linear scale if we entered the topping pattern like in 2007/1999. Or maybe we wiil follow the line for another 3 years like in 2004-2006. Or we just entered the second continuation pattern like in 1996.
Lot of players are calling the correction and buying puts - so it looks like a good chance to catch them on the wrong foot. I will watch 2040, ema67w, red support trendline (1880) and pink resistance line.
