Another key thing,Looking at a WEEKLY chart, the longer term...

Another key thing,

Looking at a WEEKLY chart, the longer term trend line has been broken. The higher points that connects Oct 2007,May 2008 and February 2009 form a perfect down trend. This was broken back in February this year and has progressed slowly since.

That being said, the last 5 weeks has sat nicely above the 10 WEEK EMA. The week that has just passed now has the price sitting above the 20 WEEK EMA.So things are changing - albeit slowly but it takes time for a trend to develop.

The Weekly is more important than the Daily as it gives the overall character of the trend. The character is up.

You will always have people that disagree (and I could well be wrong), but you need people to disagree otherwise you wouldnt have a market and no one to be on the opposite trade with.

Cheers
Babylon