Apologies Blade ,had not seen your post . No problem ,if you think peeps might like to see a view (I said a view).
First ,qualifiers ,this is the Ftse100 ,I don't follow the US for trading purposes as I prefer 'free market activity'. I'm very aware of it for economic releases / events though.Second, this is a structure ,or framework that in a sense reflects my 'current' view ,or expectation for a market that is deleaveraging. I'll gladly change that view if the price actvity warrants it. At this time it does not .
The chart is weekly ,but the averages belong on a daily chart..they are 21 / 63 / 252 which equate to a trend for activity over a month ,quarter and year.Interesting thing is when you put them straight onto a higher timeframe chart without changing them to 4 / 13 and 50 you still get the basic idea of a market trending down.
S and R are close enough without bothering about the odd point or 20. On a weekly chart pinpoint accuracy is relative
Interestingly some of these 'lines' have been in place for quite some time ,they have not been filled in as we go along. I've got some trend lines drawn that are potential for the future..will either be confirmed ,or erased as not valid.
The double top target is stated as initial because typically it 's more a place for a prior trend to lose momentum than to signify any concrete low. Fully expect if that target is reached that the 'forlorn hope' brigade (nicknamed after the British army group who always had to be first in the breach rarely surviving the action) will attempt to a new range low below that target.
Would that be an end to trend...absolutely no idea ..if what's on that chart came close to mirroring actual action I'd be more than satisfied ...I'm amazed by people who try to map the future even further out ..would you trade or invest that ?
