pre-open, page-37

re: fib charts madmacs. Hi John,

the Fib base at $3 is calculated from a series of rising fib sets (4 in total) which each completed to 61.8% before forming new highs when the 61.8% low became the new base.

In order the sets (low base, high) were 5/12/01 and 19/2/02, 10/5/02 and 14/6/02, 24/7/02 and 5/8/02, then finally 7/8/02 and 15/11/02. (set based off 17/9th didn't complete.

That makes the $3.00 low on the 13/12/02 the base for the final set.

The 7/8-15/11 set continued to determine the trading range right through March 03 as CMQ sagged through the base right up until it jumped over the top on the 29/5/03 in itself confirmation of that as the then ruling fib set together with numrous other confirmations.

imo cmq must now either meet the retarce at 5.20 to commence further upward moves or drift. A new high before then is always possible bit I would rate it as highly unlikely.