CL Redux
- Thread starter schizo
- Start date
When they were drawn they were not eyeballed. Upper tl start is 7020, end is 7947Quote from schizo:
From the way I see it, it appears that you fudged the line a bit.
When the two dots are connected, it's the lower of the two trendlines that is the REAL thang.
The lower tl start is 7020, end 7147. That one is comprimised of 2weeks. When market breaks, lower tl will be entry point/cover. Reason for using the upper tl is that chartwhiz never regarded the lower tl. Not sure why, but whatever.
I don't think he cares about this resource that we rape the earth for so we can speculate on it
Put a tl on that going from 3rd quarter of 2003 low to jan 2007 low. Looks pretty interesting. Per that line we have broken to the upside of it
I just did it on TS continous chart and we have not broken above it yet.
Every did below 70 has met aggressive buying. Look at 2/5/01 when it hit 6988. That was the day the upward trendline was broken. With something as bearish as that, everyone jumped in and bought. The only way I think we go way below 70 is if the indexes tank also. Its possible looking at how overbought everything is right now. Plus obama care vote might happen on sunday.
Old trendlines do hold value even when broken. If I dig through my old posts, there was a old broken trendline that held support on the day I asked "do old trendlines hold any value"
daily tl support held.