Long Term Trend Analysis is a constant ongoing endeavor as current market conditions always change and new perspectives comee into play, but the general overall trend remains as a constant until forced to do otherwise. In other words, the market knows where it is headed next at all times, both short and long term.
The current analysis suggests that another sharp drop downward is in store to test a major support line at the 5900 level. This key support line will also converge with another key support line on or around Jan. 20th. After this date we look for a reversal headed back out of the 7k range. But under no circumstances should price fall below the heavy red line. If it does then this would mark the actual beginning of a bear market, until then this market has only been trending UP and that is the only direction it appears to be headed, ignore all analysis to the contrary until prices fail the key support line which is constantly trending upward.
The current analysis suggests that another sharp drop downward is in store to test a major support line at the 5900 level. This key support line will also converge with another key support line on or around Jan. 20th. After this date we look for a reversal headed back out of the 7k range. But under no circumstances should price fall below the heavy red line. If it does then this would mark the actual beginning of a bear market, until then this market has only been trending UP and that is the only direction it appears to be headed, ignore all analysis to the contrary until prices fail the key support line which is constantly trending upward.