These are the near term and macro cycles with probabilities...

These are the near term and macro cycles with probabilities attributed based on our quantitative probability model output.

We use this information to target entry and exits from positions against hte bigger picture provided by our risk model analysis.

Nearterm seems to suggest 2.70 as a decent spot to commence longs into a 2.45 base for full allocation with risk close below there as it is relatively foreseeable from a math perspective that we could see $2.00 traded on a break of the abovementioned levels so the added risk seems careless to take on without seeing some bottoming in price action first.

Please remember the near term levels are only valid for this week so if we emerge from the trading halt on Friday we will probably stand aside and wait for next week's numbers before acting in this name.

Note this is a POSSIBLE near term buy and with the outlook for Iron Ore that we posted here last week showing a very real potential for another 20%+ lower before basing we need to see real digestion and consolidation at these levels before looking for anything besides day trades in FMG.

Cheers.