In downtrends - trendlines must connect the descending peaks - left to right In uptrends - trendlines must connect rising thoroughs - left to right
"Trend is your friend unless it ends"- T. DeMark:)
GOOD LUCK!
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FOR UPTREND TRENDLINE GOES ONLY BY LOWS FOR DOWNTREND TRENDLINE GOES ONLY BY HIGHS
Both DeMark and Sperandao strictly follows this STRICT RULE ------------------ Trendline must connect 2 lows (highs) BEFORE THE MAJOR HIGH (LOW) and it can NOT cross price between those 2 points V. Sperandao
It is POSSIBLE that trendline will go THROUGH PRICES PAST THE HIGHEST CONNECTING LOW POINT. In fact, this is one indication of a change of trend. - V. Sperandao -------------------------------------------------------- Trendline must connect 2 MOST RECENT major lows (highs) - T. DeMark
Trendlines must be drawn from LEFT TO RIGHT ONLY (AS RECENT PRICE ACTION IS THE MOST RELEVANT)- T. DeMark
@GoldCartel, For me this setup would be invalidated due to trendline break and close below the last higher low. What we saw today was a retest of a high. Price did not close above lower high. On the top we simply reached weekly value zone roof CAMR3 where price turns. Horizontal levels are not enough friend, you have to watch market structure.
GoldCartel
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@RomanZachary, Thanks for sharing your insights! Currently, I'm still holding a few long positions, I will act accordingly later if needed.
GoldCartel
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@RomanZachary, But I agree with your lower-low analysis, that's very possible