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Yes, and they could be labelled differently. It could be a downtrend, or it could simply be the formation of a larger uptrend. Charts tell multiple stories, and I tend to look at all of them. One man's noise or chop is another's trend. There are many timescales at work, all doing different things, and therefore many ways to read them. I look for each, so when I saw your graph I saw two. There could be more, but without seeing more of the chart it is impossible to say. There are also the very small movements there that I didn't bother to point out, but it's still something I look for.