You're still Young... - Friday, page-34

Who's to say your wedge isn't really a channel and price is currently bouncing off the lower support? At the end of the day lines drawn on charts are completely arbitrary, so it's abit silly to go around making long term dooms day predictions because trend lines have broken etc etc. The Market does not care.

If you really want to open your eyes and look at the chart like a technician, then it's hard to argue that it's not still bullish. No significant swing lows have been broken yet, and support is still holding- so the overall structure is still intact. You also have those highs from 2010/11 which could now act as a major support area around 5000, aka previous resistance becomes new support.

So really it seems like there's alot of work that needs to be done by the shorts/sellers before you can go calling out GFC lows. In my opinion the next test will be that 5461 area, if there's strong buying through there then it's likely that 6000 will follow- more likely than your GFC lows anyway.