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
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
reason should be solid as per technical not because of what all others are posting. let others do whatever they r doing how does it matter.
I am sorry if i am not enlightened by the same school of thought as you!
But technical s do differ & there are hundreds of ways to do the same
Even to plot a horizontal support and resistance - there are hundreds of authors out there and each one has a different point of view
There is no universal law saying only one particular author is correct and others are wrong !!
i should also say that your charts are perfect and i do follow your charts
Define Trend line : A line represents the trend is called trend line
Define Trend: A trend which makes its way due to mass participants giving an visual representation of movement in a symbolic structure , example financial instruments are read in candlestick ( Eastern symbol) , line / bar charts ( Western symbol) , dots , scatter plot , symbol are used for scientific experiments
There is Rules & Guidelines to plot a line in financial instrument graph ,
Rules applying for western symbol is different
Rules applying for Eastern symbol is different
and its totally 10 hour class in financial learning in the institute ,
its also on of the Module in CMT ,
Hope you will consider my message as sportive , Good luck