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Strategies & Market Trends : Zeev's Turnips - No Politics
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To: ajtj99 who wrote (87688)6/27/2002 6:55:09 PM
From: Zeev Hed  Read Replies (4) of 99280
 
Often there are two retests of major bottoms, one within three/five days of the bottom (typical structure two days up and two down), and then the real retest typically 6 to 12 weeks later, where all the sentiment indicators reach much less severe extremes (what I expected and did not get last December <g>), and prices bottom on the .618 fib retracement. As you know from last December, we don't always get the "typical" bottom, furthermore, because we did not close the nassacre with a bang, the rally will be quite hesitant (the bang would have taken out all the "weak hands", these are still in and eager to sell on any price advance). Thus I expect the next major move down to take out this week's lows.

Zeev
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