Last post called for a correction, and we got another 3-waver, a tiny one though. Yesterday, prices broke out of the very short-term downtrendline, and thus headed higher to test 1192. Was too busy with my day job to publish an update this time. :)
Trendlines to watch
Check out the power of trendlines! A week ago, i drew the tentative parallel trend channel (in red). Guess where the prices bounced yesterday - exactly on the lower channel line. That point also coincided with the uptrending line of the triangle (purple). These trendlines now become important in terms of looking for a short-term significant top.
A sustained break above 1192 may target the 1210 level, close to my medium-term top target of 1220. A rejection has support at the above trendlines, at least initially.
Profited modestly from my triangle scenario. Am comfortable watching the fun from the sidelines, looking for the next setup. Market's always there for us, no hurry. All the best!
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