1394 is a very key level - chart

A break of a downtrending support line is bullish. If we go below 1394 I see it as bullish, unless it is driven by another crisis. News trumps the charts so it has to be a technical dip below this line. At the open selling because it's a little scary out there right now would suffice.

 

Good post.

 

Or price will move down to a steeper down trend support. Then the support line you have shown would be the new resistance line. Remember we're in a year that ends in 7. Look back through history and you will see.

 

Good thought Rice. "Anything can happen." Gotta have a game plan for that scenario as well.

 

you know looking at this chart and all.

its interesting, how we have the bulls and suddenly no one is sure of anything anymore

soon we might have the bears.

guys do you realize what we are all doing

we are the market and we are constantly chasing our tail (imagine a dog chasing his tail)

we create price movement and then we create a new price movement based on old movement

and we try to chase the new movement and by doing so create a new price movement

god what a cycle

PS: OP thanks for your email, its good stuff but my way is a bit simpler I think, but anyway good stuff

 

Could go up or down..can't be wrong with that prediction.

 

you know turder, I've done my share of insults aimed at you just like everybody else

but I am seriously asking you now,

do you now see that what you assumed about market was wrong

do you now realize that you can not just keep buying dips

I hope to god you weren't trading real money, if you did you would lose 20% at least

 

1390-1400 potential support zone?
1391 is a major 50% retrace on the daily too.

 

Thanks Chloride. Those setups work well but you have to have an extreme amount of patience to wait for them. Then sometimes they don't happen the way you would like. Trading is just a tuff sport!