Firstly, one must decide whether the current market evolution is part of a longer term trend in the same direction, or countertrend to the longer term trend. Here arrives the first, of a plethora, of such issues we will have with subjectivity. What is the "longer term" time horizon of the trend? Common practice is for people to use charts with each bar representing 1 minute, 5 minute, 15 minute, 60 minute, .... Daily, Weekly, Monthly data, and choose the next time horizon outward in this ratio of "somewhere" between 3-5. There is some value to this, not the least of which is time efficiency, however it is not the optimal approach. For the purposes of simplicity, we will use a ratio of 4:1.