Here are snippets from 7 daily cash charts (in order): VL Arithmetic,
NASDAQ, NYSE, Ru2000, SP400, SP500, and DJIA. All show very similar
patterns:
1) retracement below the very important AGet "red channel" which generally
signifies a much deeper retracement (62% or more) is in order. This
generally signals that a breakdown of the entire impulsive move is underway
with possibility of either a new major secondary low in the 62-78%
retracement area or new lows.
2) weakness within the bear channel
3) weakness in symmetry (horizontal red and green lines)
While I have a number of turning point targets around 25-26 June, these
charts suggest that we are unlikely to see an important low within a couple
of days. Not that it can not happen, just does not look likely.
Earl
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