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Pastimes : The Philosophical Porch

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To: Rarebird who wrote (5747)	6/17/2010 9:32:19 AM
From: westpacific	Read Replies (1) of 26251

10688 is interesting... 1/ it retests the shoulder on this massive H and S Top ongoing 2/ it fullfills a 61.8 percent retrace off the 1 low 3/ it comes close to testing again the Dome Roof overhead at 10750, which may just spike to hit it. Then we go down below the last low for the 3 in the coming month or so. Everyone will be jumping for joy on the 50 DMA breakout and be sucked in. Or we just stop at the 50 DMA at 10614 which is close to the required 62 percent retrace on wave 2s. The right shoulder has already been formed so we do not need to go back up to its level. 10505 is the 50 percent retrace; hard to say on which she tops...if not there already. Nasty overheads; including the B Bands. Sidenote; gold has retested the Dome Roof breakdown after destroying the rising wedge last month...very close to a reversal on gold now. 1155 goes it is lights out! Do not see a fast breakdown; more like a frustrating and long drawn out rollover...we may hit this number then rebound again to the lows 1200s to form a big H and S top here as well...we shall see. West

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