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CRAYOLA
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I must say Atto that I agree with JasonT's response. And like him, I've given more attention to the S&P. it's anyone's guess, but personally, I believe a 50% retracement is too optimistic. I believe this bounce could go another 600-800 points on the Dow -- and a bit more % wise on the Nasdaq -- before losing steam. I view this bounce as a test of the right shoulder of a massive 18 month head and shoulders pattern that projects further downside on all major indices, but in the case of the Dow, to about 10,000. From there, I have no reliable indicators to suggest where we go. I am not buying this upside move. I will be shorting into it -- hopefully somewhere near the top -- and taking it day by day. Happy trading to all and thanks for posting this analyis, Atto, I enjoyed it.