GZ,
This could be, esp. if one looks at MSFT's chart, but some evidence is against it:
1. We've crossed the 200 dma for the first time since '94, suggesting that this correction is of a higher magnitude.
2. We broke the key support (April-June base) of OEX 520, SPX 1060. Assuming this was the base for the 4 count up, we went deep under it, and it looks extremely difficult for the market to overcome it.
Hey, if I see the SPX convincingly over 1070, I'll start believing in resurrection.
3. Do you see the same pattern in the stock exchanges of SEA, LATAM, Japan, Russia or in fact any stock market in the world, except France (which is currently the only stock exchange I know of that managed to keep over the 200 dma).
ATG |
