2 replies to this topic

[ogm]

[ogm]

Basicaly just about everything has diverged miserably on this rally. By an order of magnitude.

Therefore at this moment I expect a retest of supports by an order of magnitude.

If you look at weekly chart as an example.. 33/55 EMA has been serving as support for every pull back. But on a monthly chart the market ran away and didn't retest the averages in a while.

I think the likely scenario is that we are going to retest them on the monthly chart. I think we'll have a strong rally there, as bearishness will probably build up considerably and market will be relatively pretty cheap.

But I'm not going to look any further then that at the moment. Markets fluctuate, so my thoughts will probably evolve with the market too.

Either way, I'm looking to be a buyer in that box 1290-1360 area. Of course by that time the Civil war may be raging in California and some parts of North Dakota, and Wyoming National Guard may be marching to invade Canada, so I may change my opinion, but thats the idea for now.

Edited by ogm, 02 November 2007 - 06:07 AM.

[nicolasillo]

thanks for the charts and opinion.

Edited by nicolasillo, 02 November 2007 - 06:49 AM.