Tuesday, November 20, 2007

Point and Figure charts: not a rosy picture

Despite today's little rally attempt the markets are not on solid footing. Looking at the point and figure charts we see a descending triple bottom breakdown, another descending triple bottom breakdown and another descending triple bottom breakdown. The test of the Aug. close might have failed today but I doubt that will be the last test and I'm not so sure the next time it's going to hold. All three charts are now in down trends until otherwise notified.