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Tuesday, November 3, 2009

Gapdown tomorrow....

Well, I missed the damn call for a sell off to the close today. In terms of wave structure it looks exactly the same.

It just hadn't much time to overcome my forecast, since structure is still in place I call for a gapdown tomorrow and continuation of the decline, at least until we make a new low under 1026. That may be the place, around the 1020's where a reversal can occur for a wave 2 rebound.

But going against the main trend is nuts, so my goal is not to find bottoms but tops so I can short the rallies. I don't intend to exit positions at possible bottoms in risk of losing the train.

I leave you the chart of today's close that served as forecast:

  Well, look at that !!

Australian Central Bank raised the rates by 25 basis points, nothing that we haven't foreseen.


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