VoltsDon't profess to follow how you arrive at your targets but...

Volts

Don't profess to follow how you arrive at your targets but am trying to pick it up. Need to go back and do some more reading on EW theory I guess. I admit I did reject EW many years ago when I felt that market behaviour was impossible to predict.

5870 is crucial to me for a number of reasons, principally psychological, as I know I was not alone in drawing a line in the sand on the way down and saying that 5870 was the point of no return. It also coincides with the 23.6% retracement for the March 2003 to November 2007 bull market and the 38.2% retracement from the November 2007 top to the 22 January Low.

I must say I am amused at the crowd's return to bullishness - the very sharp bounce from the recent low was as predictable as it gets in this game. But to many it means the bears have been defeated and proven wrong.

Famous last words I think.

Regards

- HBG

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Trade the market you see - not the market you hope for!