Everyone stop panicking. This is following what I said earlier today. We are past the second horizontal, but it still could hold which means we will be following a triangle to a point before a crash or a moonshot. But what I think will happen is 560 will break and then we will rally around 540 in keeping with the slight downward trend from June first. If there isn't a rally there then or 540 won't hold, then the long term trend should keep it above 515. If that fails. We are in for a ride and I expect some crazy action.
http://imageshack.com/a/img536/8384/OyNafd.pngSaying 'don't panic' then predicting a possible 515 or worse, is actually infuriating - apologies - but I am personally hoping the 550s is as bad as it gets!
But 515 is the long term trend bottom. After that it's a climb back to 630-40. I expect a spring bounce. But if 515 fails all hell will break loose and anything is game at that point. Basically don't panic until you see 520, and then don't loose your shit until we hit 510.
I really don't know which long term charts you are using, but my first really important long term Trendline is a lot lot lower. So we both can hope that your Trendline is stable.
To not to terrify, if your Trendline got broken you really should search on lower levels. I think a lot of people here are getting shaken because they have no plan B(earish) and to high expectations.
Long term bottom channel trendline (up slope) is 515. There are horizontal support pockets below that. But they are in the 400's and 300's. I don't see it getting that bad. But I'm ready if it does.
