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techcharter

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techcharter

Re: None

Sunday, 01/20/2008 9:14:17 PM

Sunday, January 20, 2008 9:14:17 PM

Post# of 51808
JNJ Multi Year Ending Diagonal Complete.

JNJ is showing a high probability shorting opportunity: A finished multi year ending diagonal that truncated.

http://bigcharts.marketwatch.com/advchart/frames/frames.asp?symb=jnj&time=&freq=

Wave 1 = 2000 Low to 2002 High
Wave 2 = 2002 High to 2002 Low
Wave 3 = 2002 Low to 2005 High
Wave 4 = Triangle from 2005 High to the 2007 low.
Wave 5 = Most likely completed,and truncated.

The downside target is around $34, a 50% plunge. This is based on the price where Wave 5 began. This should happen quickly because of typical behavior following truncations and ending diagonals.
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