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It's probably been a year or two since I last posted this chart. What makes
this chart so fascinating to me is that I first constructed it (as described
in "Key") around 1992. Since then I have not adjusted the channels in any
way but simply allowed the data to fill in. The chart is monthly prepared
from weekly closing prices.
The optimistic interpretation would have price return to mid-channel
currently around 800 and the pessimistic interpretation would have price
return to the bottom of the channel currently at 250+. While these values
will rise as months and years pass, there is no mistaking the bearish
implications.
Earl
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