Hi Redbacka, " While being fairly confident that a low has been...

Hi Redbacka,

" While being fairly confident that a low has been set up on our market and on Wall Street, I’ll wait for a clear re-entry signal to appear on the XJO chart before acting."

Like many others on these forums, I have a very high opinion of your skills, so please don't take my comments as disrespectful in any way.

These are just my views and the only reason why I am replying is because I am aware of the strong following you have and, in this instance, I also strongly believe that you could be quite off the mark.

Yes, the Pin Bar on the XJO does appear to be valid and at a level of support.

On the Dow, there is nothing there that infers support from my way of seeing things, either on the Weekly or the Daily. It is still well over extended.

More importantly, we have been through some serious movements in the indexes and it is far too early to assume that a bottom is in place. I'll go on a limb and say that it is not and it will take until Mid March for the levels to settle down.

As you said, "wait for a clear re-entry signal before acting" would be an excellent idea.

In my case, I'll be staying away from any Long entries, either on the Aussie market or elsewhere, until I see the Dow give a proper indication that this pullback is over.

But please consider that even though we've have a considerable retracement in terms or Price, this pullback has not been enough in Price alone ; but in terms of Time, it has a good way to go.

Fingers off the trigger my friends for at least until mid March.

Take care out there.

Cheers,

soccer