10-4-14: Did last week's close break the recent weekly log trend line going back to Oct 2011? Definately seems like a possible scenario. The previous pull back also briefly dipped below this trend but was able to recover and close above the trend.
If this trend is significant then even with a continued rally next week, I suspect that closing back above it on the weekly will be extremely difficult. Also the wedge that has been created since 2011 has become quite narrow. My belief has been it will break to the downside, this possibly is the start of market weakness.
If this trend is significant then even with a continued rally next week, I suspect that closing back above it on the weekly will be extremely difficult. Also the wedge that has been created since 2011 has become quite narrow. My belief has been it will break to the downside, this possibly is the start of market weakness.
