Looksmart Limited (LKST)

[andy20020]

Leppard ... Fib levels and LOOK
How did you get to $2.96???
The way I'm trying to use Fib levels is in conjunction with Elliot Wave theory ... so looking at the chart to date I start a new down count from late July.... so we have now had two legs completed and are, IMO, in the third (and final???)leg down. It couldn't hold $3.50 ... so I'm out til it either breaks down or closes over $3.50 odd (MA somewhere round there).

If I had to guess ... I'd say the market rallies (US) after a dip start Monday ... (so we may get your $2.96) ... for two days up ... $3.50 ??? ... then tanks and the SP plunges to complete three down which has to go lower than the 200MA, IMO.

Now if (IF !!!) this is the third leg down it should be a Fib multiple of the second leg ... which at 1.50% the second (up) leg would make the target $2.53.(Note the factor could be 1.236, 1.618 as well ... depends on the environment etc ... but 150% often seems to work)See if you can work this out from the second up leg ... mid Aug to mid Sept.

So if you follow this logic ... NOW ... plot a chart with your 200MA AND .... wait for it!!! 400MA on it.

Allow a little time for the unfolding pattern to emerge.

If I'm right .... Stick your orders in at $2.55 and send me 1/4% of your profits for a Christmas pressie ... Yeehaaaaaaa! LOL.

BTW ... take a look at all the chart moves on the middle of calendar months .... surprising eh!

So I wonder if the $2.55 buys will be hit ... ahhhh ... about the 14th of October!

Let me know how you get on.

Andy