Potential NQ Targets

Just a reminder that AMT couldn't care less what you think or what you want or what your bias might be. If we continue to hold here, the possibility that we might work out way back to the upper limit of this trend channel is just as good as that we drop to the lower.

 

What´s with the creepy avatar?

 

Halloween.

 

We are currently about 100pts away from the upper limit of the trend channel.

 

The rise has been pretty strong this time around during the rise. For me it's a sign to not take this sign of strength lightly and to wait for more confirmation before looking downward.

Gringo

 

A reminder that the trend channel is diagonal. Therefore, the upper limit is now higher than it was when I made my last post.

 

An amazing trip price has been making from the low region to the high region! Looks like the last time it did this it took 20 weeks or so. Right now it is on track to do the same trip in five.

 

Right back near the top of the channel after a brief (2 day) excursion under the lows.

 

It's much easier to make money if one knows which direction price is going to go.

 

So it seems like today we hit the top of the channel. For some reason, as you were calling out the values for the channel top in the past couple of weeks, my upper line has always had a value that was lower than what you were calling out Db, and I can't quite figure out why. It might have only been a difference of 20 or 30 points, but it seems like this would be large enough to be able to see on the chart. Anyway... attached is my chart with the channel as I have it drawn.

(The blue line is a DL that was pointed out by... hmm.. I forget who... either yourself of Roffe who has been posting a bit in my journal. At any rate, this DL was more clear on the weekly chart, and provided an excellent trade opportunity. This has actually made me focus on "playing" around with some of these trendlines on hourly and daily charts, and its amazing how sometimes even though price seems to reverse in the middle of nowhere, you can make a connection as to why lots of traders suddenly decided to start buying at that level depending on what they were watching. I of course have to be careful to not assume that a trendline will provide support I think you would say.)

Anyway, just wanted to see if you had any thoughts going forward as it appears we hit the top. I guess lets see what happens overnight.