redbacka's - forget jackson hole - friday, page-48

Hi Wayward1,

Ok - just for your benefit, i shall mention 61.8. Everybody else should stop reading. :)

I think you are only focussing on the chart. The notes on the chart read, which were only notes and not the substance of the post:

Impulsive Move
Complex Correction
At least here? (the 61.8 retracement level and bottom of the rising wedge)
Another impulsive move.

The rest of the post read:

"The May fall looks like an impulsive move down.

"The rise from June-August looks like a complex correction.

"If that is so, then the next move down might be a larger impulsive move than the May fall. In which case we'll go lower than the June low.

"The measure rule for the wedge suggests the area around 61.8.

"There's plenty of support in between including the 50-Day EMA.

"This move in America so far looks like the beginning of an impulse move. Any previous pull back June-August was a fairly simple affair - giving the Buy The Dips Mob a free ride.

"This fall looks like a Sell The Rallies Move. So we should be going lower. And much lower.

"I hate to sound like a Martis. :(

"We'll just have to evaluate as we reach each milestone on the way down."

Happy Fathers Day. :)

Redback