Breakout or Rejection?!
We were in a descending megaphone after we rejected from major trendline resistance mid august, inside this descending megaphone we entered a descending channel (which has a bullish breakout) and we indeed broke out. The target of the descending channel (orange trendline) is 418.60. but trendline resistance for the descending megaphone (magenta color trendlines) is 374.50. We should watch what we do there. A rejection would send us back down to ~345 to test the MAJOR support trendline of the MAJOR channel we have been in for the last few months. But if we break above 376.20, i believe we will run to 422. Alot of levels and trendlines to watch
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