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Strategies & Market Trends : Technology Stocks & Market Talk With Don Wolanchuk -- Ignore unavailable to you. Want to Upgrade?

To: Joseph Silent who wrote (65559)	8/9/2011 10:56:02 AM
From: Z-M-L	Read Replies (1) \| Respond to of 207839

In the short run. I am looking for a move to 1092, then a bounce to 1190. The decline from 1356 looks as a Wave-3 or C, where: Wave-i of 3 went from 1356 to 1296 for 60-points. Wave-ii of 3 went from 1296 to 1347 for 51-points. Wave-iii of 3 looks to be from 1347 to 1092 for 255-points, which is 4.236 of Wave-i of 3 Wave-iv of 3 could be 38.2 of Wave-iii of 3 and take us back to 1190. Wave-v of 3 has the potential to reach 1032 which is .618 of Wave-iii of 3. Note 1034 makes the entire Wave-3 or C a Lucas 322-points. Now lets see what the market actually thinks. MACD on the daily and weekly are still expanding lower from the signal line; as well as, the histogram is still expanding. So until the MACD begins to flatten out and begin to approach the signal line, I believe we have more downside. FWIW