My red uptrend line is a connection of the October 2014 $275 low with the last December 2014 $304.99 low. So it's a valid trend line. The difference is that I extended it much further and then you see it's starting to correlate with old uptrend prices from the year 2013, but not 100%.
It's possible we could have a flash crash to the trendline that actually lines up with those 2013 prices and then proceed bullishly. Right now, we're testing recent highs on non-existent volume and are having a hard time breaking them. If we fail here, that's the scenario I'm looking at. We're also overbought on the H4.