Thanks, N.V.,
Actually, that may be the first time anyone has ever acknowledged a good call by me publicly on this thread. sniff, sniff...ggg Mostly, it is silence.... fine though, don't mind really.
As far as a rally tomorrow....well, I will keep an open mind.
If the charts reverse, nothing to argue about.
I wouldn't get hopes up too high though...
Take a look at the chart I posted (that in itself was a huge triumph for me...over a year messing with my computer and only now do I know how to do that! Well, if I can repeat the experience....LOL!)
Note on the chart how stochastics are dropping down (fast and slow crossing) from overbought zone. Check out ADX D- crossing D+ (red and green lines)...not good....
See today's stick, big and black, lower high and lower low than yesterday....again, not good.
The only good thing is the lowering volume on the sell-off so far (unless the volume picks up as the sell-off goes on) which implies there is not much juice behind the move (so far)...
I think it would be reasonable based on that picture to figure a few down days (no prediction of how low is low)
and watch for signs that indicators are getting oversold before jumping in the hot water. At least a break of the lower high, lower low pattern on the daily chart for a clue that the sell-off is over.
Based on how far the stochastics need to drop to oversold zone, I would predict that 2000 will not hold. I would be amazed to see the chart reverse at this point. Damaged goods, IMO.
Patience is warranted.
Regards,
Eichler |
