...it depends on your time frame. The chart you show is a monthly chart, and it shows a trend. Almost all of the data you show is from last year, and from the second half mostly. An even longer chart might have given a different result since your data is somewhat selective. Even long term charts can change direction.
The bottom line is this...you get different answers with the weekly, daily and hourly charts. Deciding which time frame you intend to trade is a decision that will result in different trading strategies.
You might be right about this. Drawing channel lines is very useful, and on the weekly chart it shows a support level that is developing at about 1650 for the $NDX. We have two white candlesticks on the weekly chart following a doji, and that is significant. I was waiting for the stochastic and RSI to bottom out, but that might not happen before the next leg up. We should know more soon.
:o) these images were drawn using my bull bifocals and to help the cause, all annotations were drawn with bull blue. The link was provided by keith, a known bull advocate.
1, intraday formed an upside symmetrical, so monday will go up,
2, 1mo chart has a downward slope but we just hit support and will be breaking out to upper channel soon, hello 1700
3, 6month chart is close to midline break-out
4, one year chart, is my best evidence yet, the price is at the bottom of channel and nothing but up from here.
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