"Seeing as how you nailed the high, what are your takes on the coming low and the balance of the year?"
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aldaka--
Yes, mlsoft is short for a software company I own but is now mostly dormant - not much demand for DOS programs any more and I am too old to learn new languages <vbg>.
First, I nailed the high only if today's high holds and we turn down from here - as Yogi says, "it ain't over til it's over." so a bit early for accolades.
I don't even attempt to do precise long term calls on the market because too many things can enter into the equation. The only thing that I am fairly comfortable with is that we should be headed to new lows soon. My best guess at the moment would be for a drop down to retest the July lows, where support should provide a quick 2-3 day bounce to clear an oversold condition before dropping to new lows.
Beyond that it really becomes guesswork, but I have a tentative target of NAZ 930-950, probably sometime in mid to late October. That would probably do us for this year, but it would not likely be the ultimate bottom which I expect sometime later next year at the earliest.
Like I say, just a guess - it is really too early for me to make that kind of a call. I have enough trouble figuring out tomorrow.
Best of luck to you.
mlsoft
