I am not a financial adviser so you should not take any part of this blog as being financial advice. Observing and interpreting charts is a hobby and so is this blog. The information in this blog is just my opinion, it may not reflect reality. Stock market investing is risky - you can lose all, or potentially more than all of your money given certain market conditions. Not only can you lose a lot of money buying shares, you can also lose a lot of potential profits by selling shares at the wrong time. So please do not buy or sell shares because of information in this blog. Whether you buy or sell shares is your decision as is the decision when to buy and sell. Do not risk any money you cannot afford to lose. Do not risk any money if you do not fully know and understand what you are doing.

Thursday, June 2, 2011

Market stalls at first resistance again

Its now the third time in the move down from the April high that a rally has stalled at the first resistance level. The downtrend has well and truly resumed and its anybody's guess where it will end. If the Elliott Wave picture on the chart is correct, then we are headed for new lows. For now all we can really do is stand aside and let the bear roll on. When its ready to stop, the chart should tell us.

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