I've been giving my last post on NDX Bull Channel some additional thought. I have now considered that what was once support (Yellow Trend Line) could now be resistance. I am now looking at a similar thesis on the bull channel with the yellow line as being the upper limit or resistance and when getting near or over to look for a pullback into the new lower channel lines (All TBD). So I have a green trend line now that if the market moves to that area extreme caution may be warranted and when the market moves to and bounces back from the red line that may be time for full positions and to put the pedal to the medal. (For what it's worth the red and green lines should be reversed, red on top and green on bottom.) So, my wording in the text is correct about colored lines... Sorry for any confusion.
Remember, I'm speaking to probabilities not predictions. The market will tell us what it wants to do. Keep an open mind.
Below is the text from my last post on this subject.
"I've been looking at the action for the last few weeks and it seems as though the market may be re-aligning for a new bull channel . All TBD. For me, if this violates the bottom channel line I'd have to re-think my hypothesis. Just sharing thoughts on probabilities."
@Yogigolf, Looks like you and I have very similar thoughts on NDX. Glad to see that. Let's just 'hope' (not a great word to use for investing and trading) that our thesis' are correct. I'll just add that my thoughts are that this bull market was reset with that March market correction and that a NEW secular bull market has started. We now have no relation, IMO, to a continuation of the 2009 bull market... Jax
Yogigolf
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@jaxdog, I completely agree, all my macro correlations indicate we put in a significant bottom in March (similar to 2003 or 2009 bottoms).