As of 08/11/2020
Indus: 27,687 104.53 0.4%
Trans: 10,890 +24.59 +0.2%
Utils: 822 19.04 2.3%
Nasdaq: 10,783 185.54 1.7%
S&P 500: 3,334 26.78 0.8%

YTD
3.0%
0.1%
6.5%
+20.2%
+3.2%

28,150 or 25,000 by 08/15/2020
11,100 or 10,050 by 09/01/2020
870 or 800 by 08/15/2020
11,300 or 10,200 by 08/15/2020
3,500 or 3,250 by 09/01/2020

As of 08/11/2020
Indus: 27,687 104.53 0.4%
Trans: 10,890 +24.59 +0.2%
Utils: 822 19.04 2.3%
Nasdaq: 10,783 185.54 1.7%
S&P 500: 3,334 26.78 0.8%

YTD
3.0%
0.1%
6.5%
+20.2%
+3.2%
 
28,150 or 25,000 by 08/15/2020
11,100 or 10,050 by 09/01/2020
870 or 800 by 08/15/2020
11,300 or 10,200 by 08/15/2020
3,500 or 3,250 by 09/01/2020
 
Price follows trends. When you draw an upsloping line along the price valleys, it often touches the line and rises away from it without piercing it. The line is called a trendline because it shows the price trend.
$ $ $
My book, Trading Classic Chart Patterns, pictured on the left, has two, yes, two, chapters dedicated to trendlines.
If you click on the above link and then buy the book (or anything) while at Amazon.com, the referral will help support this site. Thanks.
$ $ $
Up Trendline Chart Pattern

Characteristic  Discussion 
Log scale  Use the logarithmic scale. Price will signal a trend change sooner on the log scale than on the arithmetic scale. 
Minor highs  Draw an upsloping trendline along the price valleys. That way, when the trend changes from up to down, you'll know with a trendline pierce. The numbers in the above chart show price touching the trendline. 
Touches  The more touches a trendline has the more powerful the move after a trendline pierce. 
Spacing  Widely spaced touches (over the median 28 days each) suggest a more powerful move post breakout. 
Length  Long trendlines (more than the median 137 days) are more important than short ones. They lead to more powerful declines after the trendline pierce. 
Slope  Shallow trendlines (up to 45 degrees) are more reliable than steep ones (over 60 degrees). Again, they lead to more powerful moves after the trendline pierce. 
Volume  An upward volume trend results in a more powerful drop after the trendline pierce. 
I examined 199 trendlines and evaluated the price performance after price closed below the upsloping trendline. I tracked the price move until it bottomed and then climbed by at least 20% (a trend change). The move from the trendline breakout price to the low price was the measure.
For example, I found 141 trendlines with 4 or fewer price valleys touching the trendline. Price after the downward breakout dropped 16%. This compares to a drop of 18% from 58 trendlines with more than 4 touches. I concluded that the more touches, the more powerful the decline after the trendline breakout, although the results are close. Consult my Trading Classic Chart Patterns book for more information on the results.
Use the measure rule to predict how far price will tumble after a downward breakout (a price pierce) from the trendline. The figure to the right shows an upsloping trendline with price breaking out downward at point B.
From the breakout, find the prior minor low trendline touch. I show it as point A. Measure the widest distance between those two points (re, A and B), measured vertically. In this case, that's the distance from C to D. Multiply that distance by 63% because that's how often this method works when a full height is used, and project the result downward from the breakout price (B) – the point where price pierces the trendline.
For example, if the high at C is 10 and directly below that at point D, the trendline is at 8, the difference is 2. Multiply this by 63% to get 1.26. Suppose the breakout at point B is at 9. That would give a price target of 7.74 (9 – 1.26). If the projected decline is less than 0, ignore the result.
 Thomas Bulkowski
See Also

Support this site! Clicking any of the books (below) takes you to Amazon.com. If you buy ANYTHING while there, they pay for the referral.
No matter how cynical you become, it's never enough to keep up.  Lily Tomlin