As I said last week, when BKX initially broke down, it looked like it was RIPE for a 900 MA breakout/fakeout throwover on weekly chart. After the weak bounce for a couple of days, bears are now ripping big chunks flesh off the bull carcass, and we got the weekly close under the key 74 level on Friday.
I now expect pretty much a full retracement of the last couple of years rally over the coming months...there will be some 1-3 day wonder rallies along the way, but those should just be selling opportunities, as BKX marches relentlessly downward for awhile....
BKX chart update
Started by
K Wave
, Aug 22 2015 10:11 AM
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#1
Posted 22 August 2015 - 10:11 AM
The strength of Government lies in the people's ignorance, and the Government knows this, and will therefore always oppose true enlightenment. - Leo Tolstoy