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At 05:30 PM 7/31/98 -0400, you wrote:
>It appears to me as if SMRT has broken out from a H&S continuation pattern
>which points for a minimum target around 8.5-9.
***Min target is 9.375.
>
>GC98Z appears to me as going to test 290 after an ABC wave correction
>against the 50% retracement level (intraday highs approached 62%).
>Moreover, assuming that my countings are correct and GC98Z is not
>consolidating (a valid assumption in my humble opinion because of the high
>volume in the past wee), GC98Z is just on its third wave of a larger degree
>wave3. And waves 3s are supposedly the most extended moves; both degrees
>together call for immediate action.
>
>On a little bit fundamental side, the Japanese election appears to be a joke
>for me since the darn conservatives remain in power although the new prime
>minister seems to be aggressive but that is relative talking. With CD98U
>weak as I am physically, dollar is likely to stay on the rise. Both points
>to a more serious downturn in gold prices.
>
>In short, the big picture appears ugly and I would short gold if it breaks
>down 290 (assuming I didn't short it already).
***Since you seem knowledgeable in classical technical analysis, notice the
H&S Bottom failure with the takeout of the left shoulder low of 294.30. A
sell-stop at 294.20 would have been your best technical entry.
Considering you are in high school, you seem to have a good jump on a
future of successful trading/investing.
FPI
>
>HMJ
>
>PS: this is my first serious thread. I hope you enjoy this.
>
>DISCLAIMER: I am just an obsessed highschool student...
>
>
>
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