Tempting the bear…

Posted on Oct 02, 2011 by in Letters

Friday was but the continuation of a downwave which started Tuesday by our method (which counts the last day of a wave with the dying wave and counts the same day as the start of the new wave.  We have read about every interpretation of this formation which could be thought of -- including, if you would believe a mini-head-and-shoulders.  The truth is it's not anything -- or at least not anything you can look up.  A congestion zone, a wildly uncontrolled  rectangle.  There may be a hint of what is to come though.  Starting in late August we have a pattern of lower highs and lower lows.  Tuesday's high is not yet a significant point, as we need 3 days away from it to give it significance.  Notice the 3-days-away rule reappearing.  A handy way to evaluate price behavior and determine whether it has validity or not.

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