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CROUCHING TIGER, BURSTING BUBBLE
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CROUCHING TIGER, BURSTING BUBBLE

  #11 (permalink)
Elite Member
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tigertrader's Avatar
 
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good point...I am taking into consideration other factors, (that definitely aren't made evident on a chart)

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  #12 (permalink)
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Snoop View Post
It's definitely resistance but the index can correct without a "global meltdown".

Well, if China goes down, than it's a global meltdown, where will be the growth?

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  #13 (permalink)
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Snoop View Post
I rarely engage in these kind of discussions as I'm not a fundamental trader - in fact far from it (has no bearing on trading profitably imo)
But I have to ask why you're looking at such a short term chart?

Here's a look at the weekly:


Tells a different story to me. The second test of the 50% retracement level in the past year suggests strength to me.
Sure, we're not likely to see those extreme highs for a long time, but just as we're unlikely to see the waterfall decline of 2007/2008 so soon, as you're suggesting.
Maybe we get a significant correction but I wouldn't rule out a move into the 50's.


Excellent point @Snoop. Longer term charts put things into perspective.

It is really important to extend the current perspective by using longer term charts to identify the key areas of support and resistance. Avoids tunnel vision.

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