This suggests to me a retest of the long-term resistance slightly above the $1300 level in the coming month. Uncertainty from the US elections should be supportive of this.
Furthermore, this is setting up for another wedge scenario in late 2016 to early 2017.
(Arrows indicate direction, not dates)
A clear break below this channel would invalidate this scenario. Target $1300.
We just had another backtest of the previous resistance trend in pink. The price still hasn't broken the upper orange resistance line so it's now possible this is forming a falling wedge pattern.
It does seem that a falling wedge is presenting itself. We may get additional rotation or it may break out on the next attempt but this is a bullish pattern and the odds favour a break to the upside 70/30.
Looks like we've already made the break to the upside, now we just need a successful retest and then we should hopefully continue the journey onwards and upwards.
Yesterday's break came back down as fast as it went up. It seems we're about to get another go, break in progress.
38.2% Retracement from recent low - 1,281.26
Shall we try for 1293.13 next week?
We've already had one big election surprise that rocked the market on Friday. I believe there is more in store before election day.
Above 1275 things are looking quite positive for that run back to 1300. Looking at the slope of the support in the chart above, it maybe in the latter part of the week we see a search for 1290.
We're seeing a bit of a short squeeze so the 1300 target may not be too far away now.
Thanks for following, it's been fun.
Hello 2011 trendline. Thanks to Trump and again to everyone who followed this trade.
Going back to the original chart I have adjusted the arrows to match the actual timeline that took place. The really interesting thing has been the speed of this move.
I've been asked based on my latest chart prediction why there will be two rotations. I want to clarify that even though I have shown 2 in the chart it may be less or more. The bias remains to the upside.
This pattern indicates accumulation is occurring, the further it falls the more bullish it becomes. This may seem counter-intuitive but have a think about it, more people are trying to get involved in a bull run but at a slightly better price.