redbacka's - forget jackson hole - friday, page-16

Here are a few thoughts:

The May fall looks like an impulsive move down.

The rise from June-August looks like a complex correction.

If that is so, then the next move down might be a larger impulsive move than the May fall. In which case we'll go lower than the June low.

The measure rule for the wedge suggests the area around 61.8.

There's plenty of support in between including the 50-Day EMA.

This move in America so far looks like the beginning of an impulse move. Any previous pull back June-August was a fairly simple affair - giving the Buy The Dips Mob a free ride.

This fall looks like a Sell The Rallies Move. So we should be going lower. And much lower.

I hate to sound like a Martis. :(

We'll just have to evaluate as we reach each milestone on the way down.

Redbacka