technical update alert

thought I'd stick my head back in to see how my old buddies are going and throw in a brief technical update for anyone interested, especially as the global markets are once again entering a critical juncture. I left this forum some weeks ago via a very serious series of posts outlining the high technical probability that a global meltdown was on its way - I exited every long position I held once my critical numbers were hit which were thankfully well before the main damage occured - this unfortunately included selling AIM resources - I say unfortunately as like many on here , I was hoping for bigger and better things from the price of AIM (of course it could still happen) - but you can only take what the market will give you and you can go broke hoping. I still could be wrong about this bigger picture analysis but we all have our own buy/sell strategies and for me I just need to stick to the unemotional technical numbers that tell me when to get in and when to get out - if I don't , my decisions become emotional and based purely on guess work and a reliance on what directors are spinning , which could change tomorrow.

As I gave warning at the top of the global indexes that we could be in for an almighty spill , I feel it pudent to give another update . Firstly , I am still liquid - I missed a great technical reversal on the day the indexes bottomed and reversed and wasn't prepared to get back in late on the missed opportunity - the very strong bullish technicals off the bottom have pretty much unwound now and my opinion is that the global markets are again at a critical juncture and will soon make a clear decision on whether to continue to new highs , or to recommence and even larger move down and consolidate into an ongoing new bear market. I don't think many people heeded my advise before on the potential bigger picture downturn but everyone has to live with their decisions, and of course I could just have easily been wrong . This post is to purely say , it is that time again to stay on alert and to keep an open mind - if we implode again , AIM will head lower than 17c this time. Note though that there is nothing technically obvious right at this moment that says we are heading down again apart from to say the larger technical picture given some weeks ago suggests this isn't over. Again I'm going to refer to the S&P500 for a number that will tell you things could get ugly again - if 1430 breaks down again , the market will be indicating alot more down may be on its way. Just keep it in mind.

As for AIM - the day it hit 27c on the announcement was a sellers day - they took advantage of the news and hit it hard . To me, the chart looks weak but i was expecting a rebound to 30c or so - 27c may be it for the bounce but that would be disapointing . Zinc on the weeklies has broken the neckline of a very bearish head and shoulders pattern that I've been watching for many months - not good for the believers that zinc has yet to peak - these patterns can reverse of course but right now I believe we are in the eye of the cyclone , and through Fed intervention in the States, we have a false rally on our hands - I was right last time, but I could be badly wrong this time but the point is not about being right or wrong , its about knowing when to watch for critical moments in market direction - and like last time, this is yet another one of those moments to stay alert to.

Good luck everyone and watch 1430 - if it breaks down , 1280 minimum is my next target for stage 2 down, or minimum 5200 XJO - it may stop there or it may not ? Hey , it may not even happen, but if it did, wouldn't it be a great short ?? For now though , we sit and watch this 'miraculous' recovery !!!

All the best.

ECN.