Feedback/comments/criticisms are most welcome.
I'm thinking we trade within this consolidation channel until either major macro news forces something - or we hit 2000-2010 within the channel and the bulls and bears. If the most recent double bottoms follows the trend set by the double bottom in sep-oct, we'll rebound to approximately 2010 off of it.
Taking a longer term view (Weekly or monthly) its possible that if both double bottoms marked here are actually part of a larger double bottoms formation spanning from sep-feb (a multi-month timeframe is more consistent with the formation), then the upside on the longer term is 2345 once we finish moving through a reversal from that huge pattern
Poor macro news could throw all of this off and the indicators are far from concrete imo, making either going long or short here a risk. I would wait for a sustained break above 2000 on a significant increase in volume (preferably breaching the channel). That combination would to my mind confirm a bull market moving forward - wind and weather (and oil) permitting.
I'm thinking we trade within this consolidation channel until either major macro news forces something - or we hit 2000-2010 within the channel and the bulls and bears. If the most recent double bottoms follows the trend set by the double bottom in sep-oct, we'll rebound to approximately 2010 off of it.
Taking a longer term view (Weekly or monthly) its possible that if both double bottoms marked here are actually part of a larger double bottoms formation spanning from sep-feb (a multi-month timeframe is more consistent with the formation), then the upside on the longer term is 2345 once we finish moving through a reversal from that huge pattern
Poor macro news could throw all of this off and the indicators are far from concrete imo, making either going long or short here a risk. I would wait for a sustained break above 2000 on a significant increase in volume (preferably breaching the channel). That combination would to my mind confirm a bull market moving forward - wind and weather (and oil) permitting.
