thursday bounce?

Good morning all

Well what a Wednesday for us all, major moves and break downs from all sort of bearish wedges.

The key for me is has the up trend been completely broken from the July lows?

Is this a real break down?

Have all major markets retraced greater then 38.2% of the rise from July?

Only in the case of the Australian market have we got over a 38.2% break down, although the DAX looks like it has(funny chart as the Dax recent high is higher than the April high and Japan just looks terrible).

All the others, FTSE, Dow Jones, Honkers all down greater than 25% but not punched beyond the 38.2% level.

So just speculating here maybe the USA and others will bounce off the 38.2% retracement level. Then back test the lower side of the bearish wedges before the big drop from September onwards?

So in conclusion I feel the bulls do still have some positive encouragement (minor) although I would be selling into any bounce.