GAH! Is the start of the '09 trend breakdown?!?
Weekly chart shows many similarities to 2011 in terms of price action and testing the trend. HOWEVER, MACD and RSI action is not the same at all, our patterns being way more bearish than in 2011 and more closely follow 2000 and 2008 crashes. On the Monthly they don't look similar in price action or MACD/RSI action. 2011 was also the start of a 4 year uptrend that broke in August '15 and we've already given it the famous "kiss goodbye" (retest + fail). Also, there are many underlying Macro-fundamentals that are driving this sell-off (commodities, oil, China's economy and FX shenanigans, High Yield Credit markets, etc...), where as, in 2011 there was only one thing (U.S debt ceiling debacle).
Weekly chart shows many similarities to 2011 in terms of price action and testing the trend. HOWEVER, MACD and RSI action is not the same at all, our patterns being way more bearish than in 2011 and more closely follow 2000 and 2008 crashes. On the Monthly they don't look similar in price action or MACD/RSI action. 2011 was also the start of a 4 year uptrend that broke in August '15 and we've already given it the famous "kiss goodbye" (retest + fail). Also, there are many underlying Macro-fundamentals that are driving this sell-off (commodities, oil, China's economy and FX shenanigans, High Yield Credit markets, etc...), where as, in 2011 there was only one thing (U.S debt ceiling debacle).
