WLD, if you don't mind me asking, if you think the hammer today is going to be the start of a significant reversal back up, how many points would you say it's worth on the upside?
Not that it matters, but I typically don't find it useful to use a single day's candle to define a bottom...I'd rather see what the current channels in play are. For instance, today we pierced the rising support line off the 1640 and 1783 lows and managed to close back above it, not at all surprising. I suspect when we do break it, it'll be on a gap down opening. In July we had something very similar, the RSL held for 9 days before giving out and we then dropped to 1640. We've also got a nice downchannel in play on all the daily indices, and the weeklies have turned down. There are several things that make it highly likely the current RSL will be broken to the downside, regardless of today's candle, which I agree could very well be the start of a bounce, I just think we won't do anything more than the middle bb/20 day area. Obviously this is all JMO and I could be way off. So not to ask too many questions but, is there something else that's telling you this was a solid bottom today?
TIA
edit: wahz, if you read this, do you know something about osama that the rest of us should know <g>. And I'm not overly bearish, just think the 1700's will be hit, then we're fine to head to the comp 200sma weekly near 2300.
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