Just as idle speculation, I thought I'd plot out what it might look like if we really are headed for long term support in the 242 range.
I've been hearing several calls of a bottom here... that would be awesome, but all I see is repeated failures to even get back to the downward trend line. Fundamentals seem OK, presumably this could turn around at any time, but I don't see any clear sign of that yet.
Bottoms are falling, tops are falling faster, but it doesn't look like a parabolic downward panic yet.
The current channel will take us to long term support by mid to late November unless we really have a meltdown. Either way, we would be almost exactly at the half-way point now. Enjoy another month of this...
I've been hearing several calls of a bottom here... that would be awesome, but all I see is repeated failures to even get back to the downward trend line. Fundamentals seem OK, presumably this could turn around at any time, but I don't see any clear sign of that yet.
Bottoms are falling, tops are falling faster, but it doesn't look like a parabolic downward panic yet.
The current channel will take us to long term support by mid to late November unless we really have a meltdown. Either way, we would be almost exactly at the half-way point now. Enjoy another month of this...