Is it too late to short Godrej Properties Ltd ?

GODREJPROP

Godrej Properties has been in a downtrend starting from July 2011. It has lost close to 58% of its peak value of 845. Instinctively, it looks good candidate for short. And I got similar question from Mr. Kulkarni. He was thinking of shorting of Godrej Properties Ltd at 357 today, Sept 25 2013, with targets well below 250 in a month or two.

But, my reading of Godrej Properties Ltd technical chart reveals not so gloomy scenario moving forward. Looks like its bit late to short it at this point. Lets look why.

Monthly Chart (GODREJPROP)

Chart Showing Key Technical Points

1. The stock is at all time low.
2. The longest down move it has suffered in past is for 5 months. And September 2013 marks recent 5 months losing streak.
3. The measured move, first major down leg (845 - 500 = 345), by symmetry, for current down leg target comes to (688 - 345 = 343). So there is not much space left for the stock to start fresh move down.

Weekly Chart (GODREJPROP)

Downward Channel on Weekly Chart

1. A downward channel can be spotted very easily on the chart. Currently, stock is right at the bottom line of the channel.
2. There is a divergence in price and RSI showing slowing of downward momentum.

And finally, the stock does not look overvalued compared to it's peers with 32.41. The down side looks limited, and indeed, it may be too late to short it.