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Strategies & Market Trends : Ask DrBob

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From: frigengenius	8/4/2007 11:14:20 AM
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My wave 2 (circle) retrace is still in play. This is the abc retrace that I wrote about yesterday morning before the last hour disaster. Flakeoff will have you believe I called for an immediate bullish spike over the next several days....when it was more than clear to all that I said Friday will not be a good day, and over the next several days I called for more short covering. This call is still in play. It is still an option and if this plays out, it will badly dissappoint, Flakeoff, Quack and Slack. However, this abc retrace has moved down the Que of possibilities. Wave 1 (circle) down may need some finishing touches before we see an abc retrace. This means the bottom is not yet in, but will most likely be in this coming week.....followed by a bullish upswing that will definately say short covering. An alternate that is not likely....we are already in crash mode. I give this less probability, because a new high was made in the DOW and crashes don't usually occur after new highs. There is some lag time and retracements....even in the case of 1987 and 1929.

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