As it turns out, we’re back at the trend line now, this morning:
It is part of this larger channel:
Support here and a powerful rally would indicate to me that this channel has been a running accumulation channel. It’s a very bullish structure and would imply an extended rally of very great duration (many months). I believe this is more probable.
Failure here would imply the opposite. Poking below the channel is acceptable so don’t freak out if it does that (it could be a bear trap), but sustained presence (few days) under the lower trend line will begin to signal catastrophic failure. I believe this is less probable.
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