Just playing around with channels tonight. I have a blue channel starting from the beginning of the March rally and a red channel (began 8/7/09) marking the new trend outside of the blue.
The red circles mark points of resistance and the green are points of support. The latest resistance point rest at 1105.37 right at the 50% mark of the red trend channel.
Now the question remains, will price breakdown below the red channel line or will it rally into the end of the year? If it rallies into December, will price touch the upper red channel line and also result in a second backtest of the lower blue line? The first backtest of the lower blue trend channel line occurred on 10/21/09.
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