Hi all,Here's the weekly chart going back to the 1:10...

Hi all,

Here's the weekly chart going back to the 1:10 consolidation.

I've shown what IMO are the two long term trend following entry points using indicators & patterns, (have included two other patterns). 'Can't see any sell signals', (any constructive input is welcome).

MACD crosses from below confirmed by ADX rises, (orange lines), followed by ascending triangle breakouts on good volume have proved to be good entry points, (especially the second one after Taylor Ranch was added to the mix - where I jumped on). It's worth noting that last summer's symmetrical triangle did end up giving a pretty accurate target price, (27-16)+22=33.



"Know How Far to Backtrack.
Measure percentage retracements. Market corrections up or down usually retrace a significant portion of the previous trend. You can measure the corrections in an existing trend in simple percentages. A fifty percent retracement of a prior trend is most common. A minimum retracement is usually one-third of the prior trend. The maximum retracement is usually two-thirds. Fibonacci retracements of 38% and 62% are also worth watching."
http://stockcharts.com/school/doku.php?id=chart_school:trading_strategies:john_murphy_s_ten_la

IMO in round numbers the current trend started @ 5, (breakout from the downtrend Oct 06).
The SP is now retracing from the recent peak @ 35.
A 50% retracement would take the SP to 20, ie 35-[(35-5)/2]=20.
A 66% retracement would take the SP to 15, ie 35-[(35-5)x(2/3)]=15.

By the way, the first uptrend from 1 to 12 had a 66% retracement, 12-[(12-1)x(2/3)]=5, which is the level the current trend started.

Hope this helps over the following weeks, DYOR!

Regards
Chalea