2c
Monday, March 24, 2008
More crooks...
Imagine you had inside information, bought BSC at 2 dollars and now a new deal said it is at 10....the shorts were slaughtered overnight....that is why playing the index is much safer. Ok, because of this stupid news, it took the upside route. But no sweat, what comes up must come down. May be just 24 hours delay... the following chart is self-explanatory. It retested from where it broke out from and using fib arc and channelling, it should fall back to 615 .....tormorrow's numbers are 633, 627 and 622.
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2 comments:
what's the upside now? Many say we bottomed and bear is over? thoughts?
Well the retracement was 78 from Jun06 and 382 from Sep02, the confluence of the two will trigger many to say bottom is in..as far as I am concerned if ema21 does not cross ema89 it is still in down trend...but what does it matter, I know the next one is down and if 611 is broken to the downside we are back to square one. If you follow waves, this is corrective abc and you know what the next one is..many also think there is another leg down...ask yourself the question..are we out of recession and are all sublime problems gone??
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