Thanks for the input AJ,
1) When you establish your anchor points, it appears that you use intraday extremes as opposed to end of day (or week in the case of your example). Is that the case?
2) Looking at the major RSL extending from Oct03 and anchored in Oct05, it appears that that line has been modestly breached over the past few weeks, but recently has been majorly breached. At what point do you reset that RSL. It looks like you will probably await this current selloff to bottom, and then redraw that line.
3) Then it appears that you keep a secondary RSL using more recent troughs in order provide additional targets for future price action. Additionally, you provide an upper boundary line to this secondary RSL in order provide upside target limit projections.
4) From following todays discussion by LG and Newly2B, I see that logarithmic charts are preferred. I would presume that the standard charts tend to distort market activity over time and the log scales remove the distortion. That is, if the NDX moves from 1000 to 1100, it is a 100 pt gain or 10%. But if the NDX moves from 2000 to 2100, it is still a 100 pt gain, but only 5%. Yet the standard non-log chart would portray the gain as equivalent to the earlier 100 pt gain. Where the log scale would put the percentage gains on equal footing.
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