Although a counter-trend (bear market) rally may have started we must remember that the higher time frame (weekly and monthly) charts are on technical "sell" signals. The attached weekly chart shows how we had bearish divergence at the all-time high. Note we did not get a buy signal on this time frame this week.
Also recall my July 2 post. At that time I laid out a roadmap that gets us to a final low in 2008. I have no reason to change that view. In that post I hypothesized that the first intermediate low would occur sometime between now and November 2007. Again, I have no reason to alter that view. How we may get to an Autumn 2007 low is the subject of Part II in this little series.
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