This quarterly trend line projected from the Q4 '08 and Q3 '10 key lows is what has held up this long-term rally and is extremely significant because of that. There's been some talk lately in the trading community about the reliability of trend-lines and whether or not they're useful, judging by this chart I'd say if drawn correctly they're pretty damn reliable...
This is an ideal time for a high on the quarterly time frame according to bull cycle counts. If price can bounce and pullback to the trend line and reject it with some nice price action I'll buy the hell out of it (notice how the fibs and major 2000 high sit right on top of that area). If it breaks this line then look out below...
There may be some opportunities to play a move (short) into that support area via this index and/or $AAPL but I need to see confirmation of a top. I'm not trying to get honey-dicked with a bear trap like everyone whos been shorting US equities over the past year or two.
I'll post more analysis and go over the opportunities once things become clearer.
Checkout my website @ PatsTrades (link is on my profile page below my picture) for my analysis on other trades like this and subscribe to avoid missing out on ideas and entries.
Thanks!!
This is an ideal time for a high on the quarterly time frame according to bull cycle counts. If price can bounce and pullback to the trend line and reject it with some nice price action I'll buy the hell out of it (notice how the fibs and major 2000 high sit right on top of that area). If it breaks this line then look out below...
There may be some opportunities to play a move (short) into that support area via this index and/or $AAPL but I need to see confirmation of a top. I'm not trying to get honey-dicked with a bear trap like everyone whos been shorting US equities over the past year or two.
I'll post more analysis and go over the opportunities once things become clearer.
Checkout my website @ PatsTrades (link is on my profile page below my picture) for my analysis on other trades like this and subscribe to avoid missing out on ideas and entries.
Thanks!!
