We gapped above it yesterday. We're hovering on it today. Whether tech can test the line and push higher or rejects it will be the difference in LONG TERM market direction Anytime a trendline is that well respected over years of market action, we can expect a big move, one way or the other when it holds/breaks. We tried breaking back above it back in April but failed to stay above it, failing again could be detrimental.
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Not implying a wedge here, just two separate trend lines that have been major pivot points over the past year plus. Interesting to see them coming together now. Charts can be interpreted in many ways, A lot of people may see the blue...some could see the pink...some see a double top...either way, at this point all see a sell off if there resistance lines are rejected. The more people that see it, the steeper the sell is gonna be. Just have to be careful with false breaks because we all know how irrational the market gets after one tweet.
Not implying a wedge here, just two separate trend lines that have been major pivot points over the past year plus. Interesting to see them coming together now. Charts can be interpreted in many ways, A lot of people may see the blue...some could see the pink...some see a double top...either way, at this point all see a sell off if there resistance lines are rejected. The more people that see it, the steeper the sell is gonna be. Just have to be careful with false breaks because we all know how irrational the market gets after one tweet.
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Should see a pretty good move up/down when we bounce off this line and retest with some good volume.