It seems my old trend line has been breached. That said, it did not result in the significant downward move I was expecting. That's why I've adopted this one, which lines up nicely with all of the significant points on the graph, most importantly the launch pad for the current uptrend at around $441 and the "final capitulation" before that in which it was breached very slightly, but not significantly. Having been reinforced several times and lining up with where we are now, this trend line makes much more sense.
You may think I only did this to confirm my bullish bias, but there are simply too many reasons to believe the long-term log trend line has not been crossed, and that is why I am using this one. We can see a nice triangle forming here, which I expect to be resolved to the upside, but I'm personally waiting until the triangle is resolved to resume my long positions.
Credit goes to MagnusTradingGroup.
Cheers.
You may think I only did this to confirm my bullish bias, but there are simply too many reasons to believe the long-term log trend line has not been crossed, and that is why I am using this one. We can see a nice triangle forming here, which I expect to be resolved to the upside, but I'm personally waiting until the triangle is resolved to resume my long positions.
Credit goes to MagnusTradingGroup.
Cheers.