why you're not drawing the line through 9855 on Sep 19? The two down spikes on the left from your line are pretty close to each other so there is a risk of inaccuracy. Also you're not saying a word it is still over an hour till the H4 close, so the drop can either develop or disappear making 4th dip nicely touching the uptrend line.
AlanSantana
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@ciekawy, It is just a quick update, we've been waiting for a drop for a while, you can check the previous analysis.
ciekawy
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@alanmasters, drop is not surprising at all, it can definitely go lower - still I see my above questions valid regardless its update to previous analysis or not. IMO the uptrendline is not following the price. Line can be either drawn trough the lows or closes but why starting with lows and then cross the spike? Originally written lines should in general not be adjusted to support the wish BUT in this chart situation it is clear that two so close dips provide not enough of accuracy and the third one after much longer period is good to adjust the line - especially that now the 4th dip would touching same line as well.
@ciekawy, So if this trendline holds it can easily move higher...
AlanSantana
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@ciekawy, I understand what you say but the focus here is on the end result, I didn't put much attention on the line because the bigger picture for us is looking lower. So you are called to pay your attention to our full trade... If it plays out or not that is for the market to decide.
Thanks a lot for sharing, appreciated.
ciekawy
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@alanmasters, IMO drawing the line the other way adds to the suggestion of moving lower while the fact its only been touched means we're on a decision point and regardless the odds for either direction a lot can happen there. Especially that there are number of other factors like TD9 sh shows possibility of pause/reversal OR H4 RSI with a chance of just confirmation of break above the hidden bear div