While it’s easy to think that this market has bottomed and is on it’s way up, I am not seeing any bullish signs that would back that theory up. Sometimes it’s hard to pass up what looks like a buying opportunity to play it a little safer, but that’s exactly what I’m suggesting. I see more selling action in the coming weeks and until I see a retest of the recent lows with support holding, I will remain short (as long as my timing signal remains on sell).

Now to the charts..

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2 Responses to “More Downside Seems Likely”

  1. Joshua Says:

    Jeff, I totally agree. My models are still short, I haven’t seen capitulation (only acceleration of the current downtrend), and my favorite NYSE Oscillator divergence hasn’t occurred. I think we will cross the magenta support line I have been watching at my site before we make a low. Possibly go down to the third one. That would also fulfill the statistical 10.2% percent correction according to periods without a 5% correction (as well as multiple trendlines and moving averages). I think I put an “initial target” on one of the graphs. I’m continuing to hold QID (even though it was tempting to take it off before the weekend ended). However, I must stick with my model for directional timing.

  2. More Downside Seems Likely | Wordwide News Exposed Says:

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