Hi Steve,
back in early Oct, I dont believe we are at a solid uptrend, we came out from aug correction and tried to regroup and resume the climb - there were moments in sept that set back the market and there were moments in Oct we also have set backs.
then an external event finally took place to take the market down.
it is not difficult to see the support is at 6800 - during panic sell-off, we were down to 6900 area - if the market cannot break out to the 7800-7900 level.
btw, you mentioned the previous chart shows a percipitous drop on the chart - how about the new chart professor sent ? didn't the chart show a sudden decline or a slow decline ? (just the chart - we wont know of course until it really happens, heck, we may not even have a drop, as TT said, we may go euphoric again.)
if any of the foreign markets break, or some important firms prewarn of 4Q earnings, then we would promptly go back to bottom I feel.
Malaysia, South Korea have persistently down this whole week and nobody pays attn, just like nobody paid attn to Indonesia/Thailand, until Hong Kong broke. |
