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Getting back to breadth basics. I don't know quite how to say this or with
what emphasis, but there is a pattern in development that has resulted in
drops of 1000 to 2000 points in the Dow Jones Industrial Averages. The
pattern is a downtrending INDU along with a horizontal channel of the
Cumulative Super T oscillator. Eventually a point is reached when the floor
drops out and the INDU accelerates downwards in hundreds of points a day for
several days. Monday saw the INDU begin that step as it closed below the
WinMidas Support line that has caught each major low since September 2001.
The CumST hasn't broken below its horizontal channel yet which means if it
does and goes to completion we are no where near the bottom yet. The SuperT
Oscillator, one of Ben's composite breadth oscillators is within a day of
hitting the Correction level where sharp knee jerks occur, but it could
easily move on down closer to the Crash level in the next few days if buyers
have sold in May and gone away.
bobr
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