SETI Anticipated and happened

SETI.DAILY FINAL WAVE (5) SEEMS TO HAVE ENDED JUST BELOW OUR RESISTANCE LEVELS ALPHA.GLOBAL.INDICES.310811 On July 27th we have pointed to 1,160-1,180 area as the termination point for the aggressive primary degree impulsive structure. However, the rally seems to have ended sooner and we are now watching to see if we break 1,000 psychological levels. Until that happens, we don’t have enough evidence to claim that the trend has reversed (a bullish alternate with further new highs is also possible).
SETI.DAILY HAPPENED Prices did top around 1,160-1,180 as anticipated and the subsequent break at psychological 1,000 levels reinforced the trend reversal. We have reached a major Fibonacci level at 850, yet we believe that the current bear market has more downside potential. So, leaving aside the typical bounce backs, the perspective remains negative as we are aiming at least for 760.

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Dan-Andrei Rusu graduated in 2005 the Faculty of Economics Cluj-Napoca, “Dimitrie Cantemir” University. In the same year he joined BT Securities as a financial analyst. He is currently the Head of Research at BT Securities and a speaker with Romanian Brokers’ Association. He is an MTA (Market Technicians Association, New York) affiliate and cleared CMT level 1 exam. He is a contributing columnist for Orpheus Capitals for the ALPHA GLOBAL INDICES.