Summary for Week Ending 2nd December 2006
Last week...
Whilst I was expecting much of the same again this week, instead we managed to get something different. On Monday the market pummeled down and this was given a slight follow through on Tuesday giving us a 3 day counter trend movement. From here the market rallied strongly for 2 days but failed to take out the high of the previous week before Friday saw the market put in a lower swing high. The first of these that we've seen for some time. The depth of the correct we saw on Tuesday was 30 points which is close enough to the 28 point boundary I've been talking about for the past few weeks. so if we were going to see a rally, then we had quite a few ducks in a row. As it happened we did see the rally, but now the market is shaping up for another run to the downside.
Next Week...
If the market fails to follow through from Fridays decline then we would have a 1 day counter trend rally and market should fly to a top within the coming week. As always its difficult to say, but a final rally would be enough to get all the punters on board.. just in time to slice through them.
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