So just a few thoughts. It looks like the 50 day (red line) is again crossing under the 200 day which has historically seen very bearish movements. We can also see patterns of false breakouts, highlighted in MACD that are followed by continuation of downtrend. And of course we are seeing several divergences, I show one in this chart. Buyers have no conviction, it is basically FOMO buyers fearing they will lose out but we are seeing lower highs and lower lows which is indicating bulls are losing ground and it appears inevitable that we shall drop before we can go any higher.
9800 is a important point which we are looking to test soon, I expect us to be testing 9200 within the next couple days potentially. Once/if we break 9500 we should see momentum kick in and push us down into around 8800 fairly quickly. I will try and update my thoughts at that point. But just some things to consider.
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Market is following indications and dropping. Volume is slowing down, next target is 9200, if we break this we will be dropping to 8800. This is the point where we will likely see panic sellers start.
@simplegray, We have to get a confirmation of exiting this bearish channel before we can clearly begin to forecast that. I think March is going to tell us where we are headed the rest of the year.
What's your long term view? Say 45, 90 days out?