Trading the Line

Another spike down and recovery, and remaining above the lines.
Oscillator still good; volume oscillator pull-back to just below zero; potentially a small diamond lozenge shaped consolidation occurring.

Are we going to get the pop to 2025 that I have been expecting, or is this a fizzle and fail?

Now that the T structure is developing it is possible to determine the centre-post more accurately.

The red T structure centres the T on the Oscillator low of July 31st, the grey T structure is from the price low and the blue structure is a split of the 2.

The red T structure does seem to have identified the first peak, in which case we can expect the next peaks to occur on September 9 and 22.

Slightly surprised by yesterday's selloff. Maybe folks are starting to beleive the negative currency devaluation theories.

I have drawn in an alternative T structure splitting the oscillator bottom and price low, and this may help to explain yesterday's toppy behaviour.

The futures are weak so we may test strong support just below at 1886 and rising. If we don't bounce there then the mid-point and more strong support at 1955.

No panic just yet, this may well be the low risk bullish entrypoint for the next move upwards.

Still holding up above 2000 – just.
Either we give up the level or we move on up from here.

Lets see what Mario has to say today.

Held at the important 1994 level and oscillator strong but flat.
Looks like consolidation at the highs in preparation for a move upwards rather than an end to the move.

Above 1984 still looking good. I still favor a grind upwards to 2020-2025.

Did we overcome 2000 on Friday? Perhaps.

We are now expecting an increase in volatility.

Watch the behaviour at the rising support and resistance lines in particular S1 and R1.

Survived the morning negativity and held above 1989. Was that all that is required to drive the market higher? Or the beginning of something more serious.Maybe just the effects of the 70 day pulse from May 15 and 20.

No reason to sell just yet – keep monitoring the oscillator for signs of further weakness.

Gripping onto 2000, and looking like a much needed pause in the uptrend before…

I think – a push up into a momentum peak on September 10. Well we will see.

Any pullbacks here should be contained by 1988 and rising – next target 2020-2030.

Interesting note for the next major Low projected for mid-late October – the 1950 area is now the cross-position of 55EMA and 20MA and this provided strong support for the April Low and last October low.