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So far, this market is having a tough time moving towards the next intermediate term cycle high. This can be interpreted as a sign of weakness.
Any other perspectives?
Unless the most recent high on 12-2 @ 953.9 is taken out with this move, then the medium term high (larger circle) is in...then moving towards next medium term low (larger circle in lower right hand corner of chart.)
However, we are now entering an area where one "complete" medium term cycle is completing and a new one is emerging. So the next medium term point (end Dec./beginning Jan) could invert and become a high.
So, with great certainty, I will go out on a limb and state that from here, the market will either rise or fall. Just hope I'm on the right side.
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