Seems the channel is pretty strong. If it holds it'll put us in the bigger triangle for most of next year.
I have higher confidence in these circles than the path it takes to get there. I'm not sure if it will break down on the red circle or make a couple more touches. The triangle doesn't run out for another 28 hours and they've been running close to their ends lately.
Lets just see what happens. I think this chart will be useful for a while whether my prediction is right or not. I'm just logging it in so I have the record to look back at.
A 3-5 more days of sideways at most centered around $375 and within the yellow triangle then dump to somewhere between $308 and $325. This would break the larger red triangle so I'm not so sure how probable this is.
If it solidly breaks the main triangle soon we could see 300-310 easy enough. Shall we see? It could bounce now though. It's wait time not long or short time.
I'm still bullish even though this rise is very slow. The bears just don't seem to be strong enough. However if it breaks down then the next oportunity will come just before Christmas. It's remained in the center of this channel since I first drew it shortly after the dump from the low 470's. I placed the brown dotted line on the 13th. Closer view below.
There is a small window left for a blowout upward. If we break the red line of upper resistance,.. well we're off to the races. How far? I'll not guess. If we break the purple line of support then it's more chop in the red triangle maybe till the end of the year with lows down to the $350's. This has till 04:00GMT 12/15 to work out..
It won't be long and we have great upside after the bottom. Breaking 410 within a day two after this bottom, but now we are in the middle and I don't see it reversing before it gets to the bottom of the flag.
I had this pennant the whole time I was looking at the Thanks Giving head and shoulders. The H&S didn't work out (well it did but not to the 330s) and now we've broken out of the end of the pennant. Here we go!
I have the TG H&S Breaking at or before 12/4/15 09:00 central time. I have the bottom between 332-335 on bfx.
It fits several other trends and indicators for the day. Yes? No?