Downtrend or Correction?
Started by
ZIDANE
, Aug 09 2007 05:26 PM
1 reply to this topic
#1
Posted 09 August 2007 - 05:26 PM
Whatever you want to call it, it matters not. No bottom in sight yet. As expected, the bounce from just under 2500 took us to last week's high, but I must admit, my 2575 +/-25 target was somewhat exceeded. That aside, the countertrend bounce is over and da bears will take us to new lows, I.E. a breach of 2492 is coming soon.
2362.50 is the first area I will be looking for a potential bottom. Realistically, that bottom may come somewhere in the 2200's.
#2
Posted 09 August 2007 - 08:10 PM
Whatever you want to call it, it matters not. No bottom in sight yet. As expected, the bounce from just under 2500 took us to last week's high, but I must admit, my 2575 +/-25 target was somewhat exceeded. That aside, the countertrend bounce is over and da bears will take us to new lows, I.E. a breach of 2492 is coming soon.
2362.50 is the first area I will be looking for a potential bottom. Realistically, that bottom may come somewhere in the 2200's.
It's a full fledge bear market, and are we still almost at the highs.
Escape from New York while you still have your head.
Edited by linrom1, 09 August 2007 - 08:11 PM.