Still looks fine to me, the absolute trend line being compromised has not been that reliable a measure for guessing substantial breakdown scenarios imo. Its challenged but not near defeated imo, its doing what its done in the past we get gains and it takes time to develop and revise all those prices. Instead of the constant gain some had hoped for we end up going sideways and retracting some of those gains seen, the rate of change is far slower then hoped for but that doesn't mean we are now negative.
Biggest clue would be the moving averages I think, we are below 50 day average yet it continues to rise overhead of us. A proper negative conclusion or take on that measure would have us moving upwards the 50 day average and only finding it as a prop for the ceiling to prices. Overall because of how 50day, 200 day and even the really long term 200 week averages are rising I think we remain positive even with pullbacks.
If we goto 27k or 25k expect even more disappointment, then fear and finally disorder from forced selling or even optional selling but from people giving up. Even though we can warn of such a thing, its hard to handle when within the storm people will sell at the very lowest price possible when we all want and know the best time to buy is actually the low and highs are the better time to sell yet human nature has us doing the opposite. Markets repeatedly do this to us, its almost a living beast trying to scare holders to let go. Being familiar helps and also try to take as many view points as possible, first order is to note each time bar available on the graph as almost a separate entity and behavior in that time pattern. Obviously all time has a relation to every other unit but consider the spirit of every unit as a new creature moving in the price with a different pace and stride to its price moves. Hope that makes some sense, as humans our vision of the world is never perfect keep double checking is my rough bottom line & I would stress is important for accuracy.
Im not taking more then 5 seconds on a chart because its an obvious point, we arent even past March April and later volume. Its not especially more then a normal pullback, demonstrating no great strength and has yet to wipe prior volume even recently seen; it did lose its rapid gains and that also is probably normal.
Put a trend on pricing since mid June, see if we breakdown out of that and then its something of a failure scenario & may then prove more then a pullback idling nothing burger.
