Since GFC LOW, looking at this MONTHLY XAO Chart, we have a confirmed LONG TERM ( 3rd TF) Dow Theory UPTREND. See markings with capital letters.
What about it’s MEDIUM TERM TREND (2nd TF)? Also UP. Markings with lower case.
What about it’s SHORT TERM TREND(1st TF) ? Also UP. I did not mark each individual bar. Otherwise chart may be unreadable.
Jeremy will correct me if my analysis or markings on the chart is wrong. Or please feel free to do the same, if you know your Dow Theory. If you don’t, never is to late to learn. I knew nothing about TA until after GFC and I have managed to learn a little since then which led me to getting my CFTe designation from IFTA. Learning DOW THEORY in TA, B4 any other method, is a must IMHO.
Why bother with monthly charts one may also ask ? Simple. I am not out there only from a point of view trading, which may only utilise 2 Min. or 10 Min. charts, but rather in pursuit of capturing some of those long term trends that can go on for years. Knowing your Dow Theory may play an important role in the success of that.
Monthly XAO Chart below as at the close on 26/08/2016.
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