A commonly referenced trendline suggests we're approaching pullback territory...
But what if we look at a line chart...
Now it's above the trendline.
We could also draw the trendline like this...
(Notice that the candle bodies [arrowed] respect the line.)
July closed above the line.
Now what if we go back further, and draw the trendline from the 2007 peak...
(Here I have drawn the trendline across the green candle wick rather than the higher red candle wick, so that the line doesn't cut through the June candle body.)
This gives us the last 2 monthly closes above the line;
with a successful backtest of the previous all-time high.
Interesting, yes?
