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Wednesday, November 9, 2011


 The candle sticks have of course been put on alert with today's Black Opening Marubuzo.  A close below today's close will confirm the down trend.
A possible green fork.  Last chance for the Bulls


Very short term fork



This is where I have had my target set since braking 1245.  If this level holds then I'm looking for a rebound to 1250


This mornings plunge broke the bottom tine.   
Yesterday I said, "I see a very good possibility of a pull back from 1275 to either 1260 or 1245 before peaking at 1296" . but the low so far is 1236.

I'm still thinking 1196 is possible, and have drawn the GREEN down fork to show it where I see it in a balanced symmetrical position.  But both the Blue Up fork and the Cyan down fork appear to confirm lower prices.

There is substantial support here, so I'm watching very carefully.  As I said yesterday "... The floor is going to crack and  it's going to be a fast and relentless fall.".  But I'm using a lot of caution here.

Bulls need to pull Price up over 1260.  Until then the Bears appear to be in control.  If the Bears can take the market below 1230 they may very well open the abyss below.

By the way look at the 0.618% Fibonacci line at 1235  

So far this is what was expected.  Question is will it break or bounce.

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