That's right folks, this is where I'm expecting us to bounce into an uptrend (green lines) - you heard it here first!
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As you can see guys, she broke my green trend line and then dumped hard and fast - past all the support zones, my trusty red line was the only thing that could stop it, ... but guys, the bounce has been unconvincing and my blue trend line is now in play! Will it catch the falling knife, again? I'm anticipating some sideways movement before we find out... Shorts at the ready, and bring some popcorn!
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Booom! As predicted, the falling knife was caught by my blue trend line! Now we see if the red line will act as resistance to the uptrend this time.
ADX is now showing less momentum in this down trend than since mid February. And we are nearing my rebound zone of $8137, buy orders at the ready! :S