Intro note: If you are new to my terminology please see the FAQ page and especially the video posted there.
Recently two different people quickly looked at my charts and had the same first reaction: are the levels that look so convincing on the turn still in play? It looks like they only go to the last trading day.
Here's the TLT weekly chart with long term levels only (yearly and half-year). It does appear that the levels cease to be in play for the next week. In fact the turn looks so convincing maybe you think the level was generated after the fact! Not so!
The basic definition of a pivot is:
Previous period (High + Low + Close)/3 ; in other words, the average of the high low & close of the previous period.
And once that level is defined, that's it for the period! In other words:
2016 yearly pivot (YP) average of 2015 high, low & close
2016 1H pivot average of 2015 2H high, low & close
2016 Q1 pivot average of 2015 Q4 high, low & close
2016 Feb pivot avg of 2016 Jan high, low & close
And so on. Once the 2016 YP and corresponding support (S1, S2, etc) and resistance (R1, R2, etc) are determined, that's IT - they are fixed for the year.
So the chart would more correctly look like this, with the yearly pivots in play already showing for all year, and the first half pivots in play until the end of June. We cannot draw the 2H pivots yet because they will be based on 2016 1H high low and close!
However, the script on trading view only allows me to show the pivot on the current bar, and I just drew in the solid lines manually (which I cannot do on every post). Maybe I will get this sorted out with a script that generates a line in play for the entire duration, but I'm not a programmer and this was accomplishment enough. For now, just know that when I say the TLT tagged 1HR2 (nearly exact on the high) at 135.16 and YR1 at 134.42 combo as above, those levels have been sitting there from the close of 12/31/2015; in the case of the yearly level, it will remain the same until the close of trading on 12/30/2016, and for the first half pivots, they are fixed and in play until 6/30/2016 at which point the 2H pivots will take over.
This is what allowed me to have the 134+ target on TLT mentioned from 1/13, and the SPY 186 target from 1/6! This was simply and example of one of The Pivotal Perspective key points, above the YP means look for YR1, below the YP means look for YS1. This is a very good probability move and happens most of the time on most asset classes. In fact, nearly everything I follow has already delivered in just 6 weeks!