In the chart here, i have shown 2 supports
1) Horizontal Support
Unless and until - these supports are broken - Never short this market
3) mac-d on weekly and daily time frame is positive
4) Price is above 200
These are just my observations
Critics are welcome to criticize !!! :)
hope the above weekly charts - and drawing of parallel trend lines gives more clarity
i prefer public chat rather
Drawing a trend line is simple ,
more points it meets - more weightage it carries
For study purpose , you can see the three parallel lines above
concentrate on the middle line drawn
In the initial path - most of the price was above it & in the later half below it & at present it is concentrated on the middle line - indicates indecisiveness
Let the market decide - then we can decide !
life is a game , Play it -
but play safe - without bombs !!
I agree this is not a classical way of drawing a Trend line
and i also do not advocate the same for beginners
As the time passes - you tend to deviate from the elementary practice
Anyway - The title says it all - that it is not yet time to short ! -
one of the reason why i posted this & many must have appreciated - is the fact that most of the posts were to short the market ,
In-fact as proved today - its not yet time .
The reasons were many as pointed in the chart - Not only trend line