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Dr Roffey wrote:
I note that most subscibers focus on MS system analysis and apparently pay
little or no attention to chart basics such as patterns. Every good analyst
would have seen the classic Rising Wedge mapped out by the DJIA since
beginning of Sept. This is the most dangerous of all patterns as it wipes
out the whole of the move inside the wedge in about one third of the time
taken to build the wedge.
The DJIA took 6 weeks to build the wedge so I expect a fall to 7600 fast.
This will only be the first minor down move in a major bear market.
On Monday my comprehensive web page will be up. Although it concentrates on
South African shares there is a page on global investment with the rating
table that I detailed some time ago which picks up superb relative strength
buy and sell signals. The site is at internamix.co.za
Regards
Dr Clive Roffey.
PS a move by bullion above $328 will take it to $355 as the next phase.
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Dr Roffey...........To add strength to your argument, if one does a
Fibonacci study from the April Low to the August High, they would see that
we are fast approaching the first support level @7850, and the next level
down will be @7560. Which it also tested in early Sept. Then the next Fib
level(a 50% retracement) will be @7325. Which is NOT to say it will drop
that far, but a retracement of that magnitude is not out of the question,
and it can be both healthy and normal for the market.
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