brikk: I've just been hardened to the fact that the chart is the only reality worth paying attention to for entering and exiting a position.
You take a position when the chart says that the trend should continue up. You exit when the chart says a downtrend should be noted.
This can happen with long term and short term charts. You can play the bottom of a downtrend channel if you are willing to exit at the top of that channel.
The point of my chart was that we are at both the top of a downtrend channel and the bottom of an uptrend channel. And also at a horizontal support/resistance line.
Friday's volume was impressive and I would expect to see some follow through. But I can not predict which trend - up, down, horizontal - will win out at this juncture.
I have no hidden agenda other than to provide my interpretation of what the chart is telling us.
As I said, I would expect the price to rise and then test support. I do not expect the downtrend to win out here.
And I urge caution to those looking for an entry point if the price gets away from what is considered reasonable at this time.
That being said, I do not think anyone entering during the next trading day would have to worry in the long term. But there may be some who enter too high for the short term and then they may face having to make hard decisions about their position.
Just as many who remained long have had to do recently.
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