I'm adding whatever I can...got more pmcs
It took forever but we finally approached 2380 and this is what I think is the fast drop from that area...next we get closer to 2400, probably drop again like this but not so far...then after ~2406 I think we go parabolic.
Dropping well below 2300 would make me think trading range again.
Posted by: mjk
In reply to: rcptrader who wrote msg# 28228
Date:1/21/2006 9:40:29 PM
Post #of 29740
I think we've gone about as far as we can and we're going to go, and expect a reversal monday after some possible early weakness.
I've been looking at the 2380-2406 area as the critical parabolic breakout area for months now, and expected some violent downswings to occur once we got close...really a way to give bears one last bit of hope before we explode is the way I see it. I thought we'd get closer to 2380 first, ~2360, but 2332 was fine and so is the drop to the 50 day. I think we now head to 2380, possibly get another pause there, then one more swift drop down like the current one once we tag ~2406...if we bounce back quick after that drop and take out 2406, we go nuts to ~3060 in mid july, which is what I expect to happen.
If we plunge further below the 50 on monday and don't recover, it'd make me think we may be headed back into the trading range for a bit longer, which will suck...doesn't kill the bull, but delays the upside again. All JMHO.
Good luck to you.
AI
