Still watching original targets

2015年1月4日

This price action still looks a lot like a year-long consolidation pattern. It looks and feels like a bottom is coming soon, but this may drag on at the $280 level for another week or so before we see the final capitulation. I really don't expect it to go below the lower blue line or the red long-term upward trendline.

We may get the dump soon and reach a bottom in the 220s for a short time, but it's hard to tell. Either way, this is a bullish pattern, so I will be expecting it to break up out of this triangle and possibly start a new bull market (finally!)

Right now, it's still acting bearish around $275 support, but I'm waiting to see what happens when we get to support in the 220s or somewhere around there. If and when we get another bear flag around 280s for a while, then I'll go ahead and short until we reach that level and then buy, depending on the price action. Watch volume for confirmation. We haven't had a large amount of volume yet, so this tells me the dump may not be over yet.

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