Different lines, different stories
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I have drawn two different support lines (I name it "higher" and "lower" support). One regards the monthly closed as the low point of the support line and another one regards the monthly low as the low point of the support line.
The higher support line is clearly broken and is retesting (breakout n retest) while the lower support line still holds and has provided short term upsides momentum.
Obviously two different support line give out two different sceneries. The higher support line suggests we are already in downtrend since the support is broken; The lower support line suggests we are still in uptrend. While two stories entailed by two different verisions of support lines are contradictory, it suggests a high probability of consolidation in the next few months such that the index will fluctuate between two lines. It implies the current index 12304 is the local high which provides us an opportunity to short targeting the lower support line.
The higher support line is clearly broken and is retesting (breakout n retest) while the lower support line still holds and has provided short term upsides momentum.
Obviously two different support line give out two different sceneries. The higher support line suggests we are already in downtrend since the support is broken; The lower support line suggests we are still in uptrend. While two stories entailed by two different verisions of support lines are contradictory, it suggests a high probability of consolidation in the next few months such that the index will fluctuate between two lines. It implies the current index 12304 is the local high which provides us an opportunity to short targeting the lower support line.
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