Don't expect any big bounces now

but we might be shaping up for a buy similar to summer 04 and 06

I know exactly what's going on now....if I'm wrong.....I promise I'll only limit myself to ONE post per day.

OEX did top a B wave and what we are going to do is come down and test the .618 retrace back to all time highs. Banks should base around the 105 area (chart already posted) and XBD is finding a low soon (take the count on the xbd monthly with a grain of salt)...maybe WHACK...maybe not.
So shouldn't expect too much of a bounce from these lows we are getting today...wave 3 on oex may or may not be finished....but we should see a 4,5,4,5 to come down to 672. After this bottom we should head up to 746 minimum.
If I'm wrong....I'll also pour my Tequila down the drain.




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If I'm wrong....I'll also pour my Tequila down the drain. cry.gif

Good analysis ... if you're wrong, you can pour me one, too. LOL

http://stockcharts.com/c-sc/sc?s=$VIX&p=M&st=1992-08-01&i=p96339275613&a=78821384&r=351.png

Edited by Teaparty, 26 July 2007 - 01:10 PM.