Mar 15, 2011

Short term update

Traders are scared because of what is happening in Japan.
DJ has hit the target ~11750 and finds support for now.
I think the correction will be deeper. Watch die other targets 38,2% and 50% retracement since the bottom in July.
( the white labels 38,2% and 50% are the retracement since the last low in December )

I think the scenario with correction hitting 38,2% retracement(~11250 to ~11400) has higher probability.
All indicators daily,weekly,market breadth are pointing down. No signs of bottoming.
I expect bounce to relief the oversold conditions.

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