Hi FolksYesterday I posted a chart on a PLS thread but...

Hi Folks

Yesterday I posted a chart on a PLS thread but accidently not on this chart thread.

In that post I said

"We have seen a bounce from the low 3.86 so far up to 4.25 which is around a 23.6% bounce from the downward A-wave 5.41 to 3.86.I was expecting a bigger bounce maybe to 31% of even 38%. Shareholders will be getting div's soon so maybe a break higher than 4.25 is still ahead."

Well today we got to 4.31. Looks like the div's buying is having some impact. That's reasonably close to the 31% FIB (4.34).

Around $4.34 seems to attract attention so maybe a chance tomorrow however it is Friday. Friday buying leaves exposer to the US markets over the weekend. So maybe not.

Monday the 18th started the last 4 day in a row 10am attack sequence that bought the SP down 50c. I will be looking at tomorrow's 10am candle, but more so Mondays 10am candle for a possible restart of this action.

Why? In the previous two downcycles 4-5 day bounces a fairly common. I could find no examples of bounces lasting 6 days or more if the downcycle continues. The only examples of a greater than 6 day bounces are off the bottom of the cycle. With the Dow and NDX falling for a number of days in a row and October still to play out, I suspect the odds of this being the bottom of the downcycle to be remote.

We shall see?

Just my opinion. DYOR.

cheers Lies