technical update

Interesting how quiet this thread gets when we get smacked around a bit !!! The chart never shows signs of emotion so I'll just stick to interpretting that. The technicals are certainly showing signs of breaking down but the fact is the bullish pattern still holds at this point in time right now - I'm watching 27c very closely . As I keep mentioning, if we close below this level we might be in trouble. I'm still staying optimistic though and I'll stick my neck out (with the chance of looking stupid) , and say that we will hold above this level - we hit a 38.2% fib retracement point today at 28c which is typical at this stage of the Wave count. The zinc and copper charts are causing concern for the metals gurus but there is technical evidence here also that these charts corrections may also be nearing (??) completion, although the futures so far this evening is telling us that maybe another red night is on its way tonight .... both charts are now at 38.2% retracement levels aswell but we need a solid reversal night ,and soon, to get things bullish again. If we knew for sure we would all be rich !!

Just out of interest aswell , the XJO also hit a significant 38.2% retracement level on the close today. So what does all this mean ? Well I'm charting the XJO has one more leg up to go to around the 5900 - 6000 level (it will signify a major top) , and I can't see it being able to do this without both copper / zinc and to an extent gold , also heading up one last time to new highs aswell . But If the technicals on all these fronts break down completely over the coming days/weeks , my view is that all major markets will have completed major tops already and this will be an immediate red flag for me - In general I'm very pessimistic about 2007 for all global markets, but I'd like to see a blow off to new highs first . I wont be around tomorrow so I expect all you AIM followers to support this puppy tomorrow so I don't have to come home to a bleeding chart (as well as having to eat my words) . Loyalty is certainly being tested here. All the best. ECN.