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March 23

Most bottoms end at some longterm support level of importance and the last low does not suggest a lasting bottom for 2008. Unless the Febuary 1 highs are taken out on the present upmove, it looks to be a retest of the March lows with a high probability of failure and an ultimate 2008 low around Dow 11,150 which should prove to be an area of significant support. Failure here is not something I care to ponder.

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