Profiting from Market Trends – Simple Tools and Techniques for Mastering Trend Analysis : [PDF Download]

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“The long-term trendline starts at the price pivot that marked the reversal of the prior major trend. When analyzing a trend that occurred in the past, the start and end points will be obvious.

However, when analyzing a trend as it evolves from the right edge of the chart, during the early stages of a new long-term trend, it won’t actually be a long-term trend yet. Remember, a longterm trend typically isn’t labeled as such until has been in force for at least six months.

Hence, at first it will appear to be just another intermediate-term correction against the major trend, as illustrated in Figure 3.14. Because of this, the first trendline drawn on what ultimately becomes a long-term trend will typically be an intermediate-length trendline.

That trendline may be broken during the first significant correction or period of prolonged consolidation that forms within what will ultimately be recognized as a new major trend.

Once that correction or consolidation ends, and price makes another move extending the prevailing trend, a new upward or downward sloping trendline can be drawn to represent the current slope and length of the up or down trend, respectively. Eventually, you’ll have a long-term trendline drawn as the major trend continues to evolve.”

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