I agree with you on most points and personally expected the chinese to start shunting as much money into gold etc as possible in anticipation of a US default, but didn't take into account the degree of social unrest/social inequality they have over there. If the chinese decided to stop funding...
Judging by the mass freakouts being had by real estate agents that I chat to, and seeing some serious drops in sale prices all over the place, I wouldn't put money on an upswing. I see a short correction, and then flattening out for a while