Price action can shift sentiment,.. views just shift with price action. Ultimately it's just support resistance plays and whether the traders mind is willing to accept the implications of S/R breaking or holding. If your too bearish over long term you didn't do too well. But bullishness has payed off most every time. So the largest player is entraining the masses to buy and hold. Just weather the storms stay put don't sell..
That's not the question to ask, it's just a number either adhering to levels or not. If you try to fixate on one side, the market can take you out of the game. Just think of it as a number and trade it based on where it's "projected" to head. Everything else is really meaningless. Based on historical behavior, the market should head down within this 1 year window. Since its signaling it will. But that doesn't mean it can't check itself to see if it's a valid direction. Price action does this on the one minute graph.
Sell Signal 200 day MA 50 day MA Sell Signal 200 exponential 180 exponential Trendlines overhead trendline at 2010, previous structure neckline 1980 zone support/resistance pivot - 1950 the market moved the same point amount as it did from 1830 decline to 2010 this decline from 1800 - 1980
The parameters listed across the top of your chart show u are inadvertently using Low as a price input where u should b using something else.
The "low" is what I grew up with. I posted some charts in zero risk sp short thread.. Those charts of daily bars in relation to 2000 2008 crash use low also.
http://www.elitetrader.com/et/index.php?threads/gotta-love-zero-risk-short-sp-500.297753/page-6 Here are some charts, normally I don't give away details of what I do.
That's unsupported b your use of Close price within the same context. I'm not trying to discourage u from posting charts because I enjoy your posts. Nor am I an expert at when it's appropriate to be using L as a price input but I've used it enough to understand when it's used incorrectly.