1) I think you've got some large 'latitude' w/ your drawing technique. If I draw the T/L's - I get a cross ~ 200 pts higher than the bottom (on 1 T/L) or not even close to touching (on another T/L). If you want a close support level - check out the 5.10.06 peak. 2) What is the implied conclusion you're trying to draw? Some kind of conspiracy theory or..... ? R
I'm not sure what platform you use, but I "snapped" the trendline to the lows.. meaning I didn't have much artistic license on it. It just snapped between the two lows. Shrug. It's true, there is always a question of how to approach drawing trendlines. Low to low? Close to Close? Low to Close to Whatever makes the most touches? I do know that traders with decent sized lots use it to guide their price action, the stuff is in plain view on any tick/volume based charts on most any instrument. I just thought I'd put the chart up.
Is support/resistance/trendlines considered technical analysis? I always put it in the category closer to price action. I always think of "technical analysis" as those dumb oscillators that don't work.