monday the bottom or not, page-49

I posted the target of 3270 last week for my expanding wedge but after if one looks at the statistics of patterns completing, the chances of a pattern getting to 100% completion are actually a lot rarer than it getting to 50%.

Bearing that in mind and looking at the fib chart above, XJO may not get to that target in this move. The 76.4% fib MAY be as far as it gets. While I'm not calling a bottom to the move at the fib and trying to catch a knife, it is as likely a spot to consolidate as anywhere else. Maybe the way to play it is watch for consolidation and IF it breaks up, that might be the place to do a little buying for the long term with break even stops asap. Could still be a bear market rally though.

If that level gets busted there isn't much stopping the market retracing the whole bull market from 03 imo.

I haven't looked at the yanks big picture charts for a while so there might be something there that may change the picture.

Also in the grand scheme of things, giving back 5 years of gains isn't such a bad thing in the big picture, especially since we basically went straight up. No argument it is causing pain to retirees, home owners that have to much debt and our economy, but I suppose you have to take the good with the bad.

I guess for those that did their homework and protected their a$$, the rewards are now being reaped. Probably explains why we keep getting thanks yous on this thread. Becoming a regular on here has forced me to do my homework and protect my a$$ so I guess this is thanks to all the other regulars and also the occasional posters that throw in fresh idea's to keep us regulars on our toes.

Hopefully my posts have helped others protect themselves and make some cash along the way.