JUNE COMMENTS
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Comment numbers for 20060616 210
GENERAL COMMENTS
"It would indeed be ironic if,
in the name of national defense,
we would sanction the subversion of one of the liberties . . .
which makes the defense of the Nation worthwhile."
- United States v. Robel, 389 US 258, 264 (1967)
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1. We always want to be aware of those projected turning points on page 368 of "The 2006 $upertrader's Almanac - 1st Half Edition".
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CURRENT COMMENTS
The power to change tomorrow UPDATED 20060616
COMMENT #210
CHART #s 419-421
1. CHART #419 updates daily prices.
2. We can see that price has declined to the green boxes and appears to have set a bottom at the horizontal price support level shown in the lower left corner of the CHART.
3. CHART #420 is also an update and shows how the rally to the final high from the October low occurred over 89+54=143 trading days (FIBONACCI #s=55, 89 & 144).
4. We can also see that this month's price low has held the rate of ascent previously presented in this CHART and marked by the grey dashed ascending pitchfork.
5. This rate of ascent is marked by the green ascending trendline shown below price.
6. The rate of ascent marked several important highs from May of last year through February.
7. At the bottom of the CHART, however, we see the small speculator net position level.
8. The red horizontal dashed line shows how small traders have bought into the price decline shown very heavily.
9. What this means is that although the market is in a corrective mode.
10. The downside thus remains favored after this correction expends its upside energy.
11. CHART #421 shows hourly prices for the continuous spot futures contract.
12. What this interpretation does is to bring the decline shown into alignment with yesterday's 5 wave decline shown by the blue numbers (see pages 283-92 of "The $upertrader's Reference Manual").
13. As can be seen, the price advance shown has been the sharpest since the high in the upper left corner.
14. In the bottom right corner, the belief is that the decline shown has formed the blue Wave I low.
15. Several interesting relationships are noted in the CHART.
2. We always want to be aware of those "Inversion Cycle Indexes" in the weekly pages of the April through September edition of "The 2006 $upertrader's Book of Linear Time Cycles" which is available in an easy-to-use electronic format. A sample of the format for the charting file may be seen in the NOTICE posted here. Ordering information here!
3. The initial issue of the free "Trading on the Edge" E-Zine was released 20001021. Archived copies are available here. Subscription information here.
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