Market Analysis for Oct 28th, 2005

The Qs have recovered to 38.28 so far in their recovery rally, which appears to have further to climb -- into the 38.35 area and possibly 38.50/55 prior to its completion. A sustained climb above 38.50/55, the 50% recovery plateau, will argue for still more strength into 38.80/90 next immediate target zone. Conversely, a failure to hold above 38.50/55, followed by a pivot to the downside and decline below 38.38, will argue that the recovery rally phase is over, and that the Qs are heading for a retest of the 38.80 prior lows.

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