Dragon Fish OP : As I said don't chase as in the past on many occasions traders were trapped like this. Many times it didn't last long and the price retreated.  PE 8-9 is a very important level to gauge if the price is at a safe level or not. Some of you may not believe and I strongly believe this is to gauge whether the price is under or fair or over price. At least it is still valid until now. Anyway this is my personal view not a buy or sell call. If you happen to follow then it is your own choice to follow not that I force you to follow.