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20% of its all time high of 14000+ level. Should be around 2800-3000 range.
Based on the delayed effect of the current crisis to the economy, the time frame should be around mid to late of 2011.
There is still a lot of money to be made in shorts. And we still have plenty of time to sell into any rally.
During the course of this bear trend, there could be one huge bear rally that trapped investors back in thinking it's the beginning of a new bull. It's crucial not to be trapped into this fake bull rally.
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