cyclichigh's - doin' it nude thursday, page-85

Hi MM,

You may well be right.

But - as I always say - don't pre-empt the market. Let's see if 11600 fails. It's easy to get jumpy when bad news abounds.

I'd just point out a little difference in the two periods of time. In the consolidation prior to the break below support and subsequent waterfall action in late July, there were a series of narrow range days on low volume. That often suggests complete indifference by major players. No such series of narrow range days exists in this current consolidation. There was also a gradual build-up in momentum from the high on 21 July. Small down day the next day - then the range getting wider and wider. That's quite different from the wide range bar last night coming after the previous day high. As the VSA guys have taught us - a big down day on heavy volume (like last night) just might hide buying in the back ground. But - we have to wait and see what pans out in the next couple of days. Things are never quite the same.

This is currently a news-headline driven market. If the headlines change to positive tomorrow or the day after - back to resistance.

In the meantime, I'll wait for a break.

Good luck
Redbacka.