I can't tell where it's coming from, but it's not likely to be of any importance given that we're only 100pts away from the long-term channel.
Hmm, you've lost me a little here. We are still in the midst of a strong up-move that hasn't shown any real weakness which would indicate a down-move of any serious kind, at least at this time. Also, the section of the chart you've posted shows no clear direction of buying or selling dominance, at least to me. I suppose you can try to slip in and out to scalp a point or two if that's what your goal is here, but that doesn't seem to be what this approach is geared toward. I don't see any trades I'm liking in here. Edit: Didn't see the subsequent discussion as I was writing this. Looks like the topic has already been covered.
OK I see, this one ?. (Weekly) So this will act as more of a magnet to the larger time frame traders?
I'm referring to the one beginning in '09. Since I don't know how you're drawing your line, I'm unable to comment on it other than to say it doesn't seem to be drawn properly. Whether it will act as a magnet or not remains to be seen, but 3450's where the upper channel lies, if we get there soon. Otherwise, 3500.