when will this carnage end ?, page-28

For the technically minded:

The SP retraced to $2-72 on Oct 22 - very close to 50% of the gain from the previous high of $2-17 on Aug 10 to $3-41 on Oct 16 ($3-41 minus $2-17 = $1-24, 50% = $0.62).

The next major historical resistance level (once it breaks $3-41) is:
$4-02 from Jan 16 2001

I'm sure there are many Biota supporters can remember back that far!. This fits with the target of $3-41 plus $0.62.

After that the major historical resistance levels are:
$4-97 Nov 10 2000
$7-53 Jan 12 2002
$7-93 July 28 1999
$9-10 Feb 24 1999
Then Blue Sky!

Hang in there - but expect retracements such as we've just experienced. They are generally regarded as healthy - depends on which side of the fence you are on!

It will be interesting to see if anyone is shorting Biota on Monday!

Regards
Kangaroo1
PS Do your own analysis. For those who ar einterested Point and Figure Charts are quite useful in looking at the changes long term. I would post a P&F chart back to Jan 92 but the procedure is beyond me!

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