Daily Murmur 01/10/10

by Gary Glover

Whether it's looking at how a base develops price action wise or studying gann theory and how basing patterns establish themselves in time they both look similar to the current set up.  The pullback to date has been corrective in nature so the sellers are starting to lose the battle as they struggle to push price lower.  One personal observation about timing is usually after a 90 day base has established itself, once we go low to low in this period we can often expect to see a rally for 90 days to follow or another period of bullish basing which is a rally of 60 days followed by a 30 day pullback but January 24-27 will be the next key time period to monitor.  Both scenarios and time periods are laid out above.  Key dates to monitor include 25th November , 10th December, 27th December and 24th January.


Gary Glover is an Authorised Representative (Rep No. 259215) of Novus Capital Limited ("Novus"). Novus is a holder of Australian Financial Services Licence No 238 168. Novus, its directors, officers, associates and employees each declare that they, from time to time, may hold interests in financial products and/or earn brokerage, commission, fees or other benefits from financial products mentioned in this e-mail or attached documents. Unless specifically stated within this page or an attached document, any information communicated by this e-mail constitutes unsolicited general financial product advice which has been compiled without regard to any investor's individual objectives, financial situation or needs. It is not specific advice for any particular investor. Before making any decision about the information provided, you need to consider the appropriateness of this information having regard to your individual objectives, financial situation and needs and consult your adviser. Any indicative information and assumptions used here are summarised and also may change without notice to you, particularly if based on past performance or relate to a future matter.

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