Hi Ophir,
Here's a chart I'm preparing to use in my Weekly Redback Report - but provides another look at the trend line question you asked - and the problem of subjectivity.
The Chart is a weekly chart of XJO and shows a trend line across the tops of the highs in April and May 2012. This week the chart crossed above the down trend line from Apr/May 2012. Is that conclusive?
The chart also shows that it hasn't been able to break above the 30-Week EMA since May 2011.
Also, this week hasn't set a new higher high. It needs to break above 4335 (the high in early December, 2012) to do that.
Subjectively - I'd like to have as many ticks as possible going for the XJO before considering a major long term change in trend.
Maybe I'm just too cautious.
Redbacka
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