Large volume dumps don't seem to be able to bring the price down very far anymore. Do you guys think the trend has reversed for good and we are in a slow Bull market?
4th break attempt. Very promising, watching day close. Target 360 on success.
Hello masterluc
Is this target confirmed ? or we need more clear break out? thanks
Not me!
I think the best you can hope for, right now, is something similar to the November '14 or May '14 rally.
The linear trend line is broken, but imo, the log trend line is the more important one and I don't think it's that important either. There were 3 or 4 trend lines that have been broken over the last 14 months that only resulted in a suckers rally. Then you have the rising trend line since early 2011 that broke in January, which probably trumps any declining TL over the last year.
So what we are looking for to declare the final low? Impulse from the lows instead of zig-zag?
If masterluc's TA & track record means anything (which to me it certainly does), when he appears to be cautiously bullish (hopefully I'm not misreading 'promising' or '360') after being so bearish since the ATH, he's certainly got my attention; especially at such a pivotal moment/point on the charts...
Great point though RyNinDaCleM; I too have concerns about that overshoot that not only broke through the bottom of the wedge, but through that lower long-term trendline support. I guess the important thing to remember is, don't fight the trend, once price action shows us which direction it wants to push the market. #RideTheWave