Jun 29

Written by: Peter Mathers
29/06/2008

The wild west, I expect our market to rebalance over the 5000 (TL5) above and below in large swings mainly three, we are still in the first. The Dow will plunge further and faster than our market, so that’s on the dark side of the moon… there's plenty of shorting to do in the US, I’m not tracking US stock as such, but if anyone out there finds a set up let me know and I will place it. Or you can place it in the member’s forum. On the positive side of the fence, US gold will do a little run up to retest close to TL1, so look for our local unhedged gold stocks. The Oil sideways movement above 130 has the accumulation to take it to the next MediumLevel ML150 so use this guild in relation to whatever oil stocks you are trading and their respective Tradinglevels, develop your financial strategy now if you haven’t already done so, not when it gets there. The US Dollar index is finding minor support at 72over the last 4 months. The Dow’s entire indexes such as Utilities, Transport, Comp and average have all got lower prices to come. Our sectors such as Health, Industrials, Properties, Staples, Finance and Utilities are still in downtrends, sure some of them maybe at their lows, but that’s only guess, they haven’t confirmed their lows. Our Materials and Energies are also a concern, the Materials sector is starting to create overlapping wave structures, so we need to be diligent about protecting profits in this sector. The Energy sector has just hit, well not just hit as it has been there nearly six weeks TL2 (20000) it is in a 4th wave at/below TL2 it will react further here at this level then push up through TL2 creating the first high above that level probably to mTL2 (22000) or mTL3 (23000) So most of the energy stock that we are in will follow this pattern. At the moment most of our energy stocks are having small corrections and looking slightly toppy and yes they certainly could pull back to their next Medium or Major TradingLevel before moving further up. If this is the case then you need to be very clear how you’re going to handle this situation technically and financially, scaling into and out of position according to price and volume is logical, using the Robo method is a practical choice and of course the TradingLevels can also add to be added to the plan.

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