turning point?, page-32

Just to add - a simple extension based on the length of the previous leg down IMO supports a low in the region of 2800-2900 (all values XAO).

We had a drop of about 1360pts from the 5050 high to the 3694 low. (In effect this reflects the drop from the top of the downtrend channel to the bottom of the channel. This channel we travelled within from the 6400 high immediately following the 6800 blowoff top until today).

If we take another 1360pts off the 4292 bounce high, this gives a target of about 2930. (This will reflect the drop from the bottom of the old downtrend channel to the bottom of the new downtrend channel, ie. the capitulation phase of the decline from 6400).