We saw a false break to the upside during 2016 but then sold off hard to close below, forming a very large yearly high-test candle. We stalled at support during Q1 and have since rallied into Q2, establishing the neckline.
I'm now waiting for a retest of the fib retrace levels where a right shoulder would ideally form. If that does occur I think we'll see a continuation of this new long-term that should head down to the Q4 '13 key low. If the stars align price will then bounce from there to establish a neckline within a much larger head and shoulder pattern with price pulling back to our current neckline and the fib retrace levels which would be sitting right on top of that area. We would then head down to retest the Q1 2000 low.
This entire theory could take between 5-10 years to play out but man is it the perfect candidate for the "big cahuna" title...
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Thanks for reading!