A while back I proposed P2 was really the biggest "backtest" of a trend/channel line in the history of the markets http://danericselliottwaves.blogspot.com/2009/08/p2-massive-grand-supercycle-backtest.html.
When I made that post, the DOW was a little short of reaching the line. But now it looks pretty darn good and is "testing" it.
That Grand Supercycle Wave III channel line is serious resistance.
But isn't it fitting that the market so desperately wants to regain above the channel? Is this the "last hurrah" of the fun days of bull market orgy this generation has come to only know? Regain above the channel would mean we can party like its 1999 (literally). But fail...and the lower channel line is the new target....