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This is fully consistent with the downtrend since May, which is not
broken until about 970. I find it hard to choose a specific downside
target; we haven't made a serious 'lower low' since about 1975. Until we
break this downtrend, I play the bounces to the top of the range, then
turn around...
Regards
DanG
Ernie Hill wrote:
After doing a little more work this weekend I now think that a 50%
retracement of the move from 7-8 to 7-11 is an equally
valid target for the short term bounce that I am expecting so my targets
now are 947 or the 964-968 range. I then expect a
drop to the 759-782 range by 8-15.
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