Loading ...An Exercise in Line Ambiguity
Dave : Your lines may be correctly placed and Ozzy may be at strong support .
But a slight change in the lines can also show a completely different story.
I am doing this exercise not to dismiss your charts but to show there are times when both cases may be made depending on ones starting bias.
Admittedly my bias is the Ozzy is likely dropping from here. I superimpose alternate red lines on your charts
Good point, Fully. Rambus said we can’t just draw lines on a chart. Trend lines should be thin and exact (where possible) Trend lines can be tweaked though when new information warrants an adjustment. An example is a gap on a break out, or confirmation on a back test.
Support and resistance lines, OTOH, cover an AREA where support may be found.
When charting it is important to place our bias aside and let the market speak. Else of what value is the chart?
You are an A+ Student of Chartology Sir Silver Fox.
(I made the red lines thick for emphasis) but yes “thin and concise is best”