charting comments, page-4

Hi Reiner, sorry i didnt reply to you yesterday, too much beer on sunday meant all non essential motory actions were deferred :)

IMO the market is overbought & I have lost the urgency to rush into anything for a few weeks, I do plan on trying my hand at day trading FML for sport & if i get stuck in it I dont mind as I consider it a good long term buy at these levels & dont mind catching the falling knife.

A few pitchforks show some support at 5/5.1 & 4.7/4.8
the pink pitchfork is just some conjecturing on my part.
It seems pretty likely that we will at least hit 5.1 for the green centre tine but I get the feeling the orange is our primary channel.

The red one is not exact as I would have to print a 2 or 3 year chart to get its start point but it is pretty close, the 3 year rising supportline is currently in the low 3s and I am not entirely discounting us going back there,

The retrace of this cycle has fallen below point 5 of the previous minor cycles so this is not to be regarded as intermediate wave 3 & 4 it is either an intermediate A,B,C or 1,2 & 1st wave extension. IMO There is a reasonable posibility that the next minor cycle will not be higher than the current one on 6.4c

Sorry for the depressingly bearish veiw of the world, but I think it is stuffed for a very long time :)