friday trading, page-26

JK, If you look at my chart above you will notice the 100% fib line that shows the level from which this bull market started. Given the large movements in the current market and the fact I am looking for consolidation, it doesn't seem to big a stretch for us to bounce around between here and that 100% retrace line for a while. So while we are in fact going sideways in the big picture, the 100% retrace line might get tested because of large volatility as we go sideways.

Hence the reason I'm not calling a bottom. We may be close to finishing the falls but we are a long way from climbing out of this mess imo. Sideways and noisy is likely as we form a long term base from which to rally from in the future and is probably the most healthy option. Not the most fun though, but paying for our credit binge sins was never going to be fun.