INDEX UPDATE
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>>>>> Monty, I know I am a pain but just sent you a new S%P 500 chart showing a new dowward short term fork that should channel this grind down if it continues. For those drawing their own, it starts the handle on the high of 20 Jan, the lower tine starts at the low of 22 Jan and the upper tine is from 1 Feb. We should follow this down till we get to the middle tine of the mid term fork around the 5th of Feb ata level of around 1225 SPX. <<<<<
netnow.micron.net
I am highlighting LEE's chart, since that short-term-descending-FORK could be the one that produces LOWER LOW's, which is an ominous signal for the overall market. The DOW chart looks worse since it has not been able to set a HIGHER HIGH as the SPX/NAZ, and the MAIN FORK for the DOW is already in a descending pattern.
Again, Im not saying the BIG KAHUNA but I do strongly suggust caution. Sure the market could bounce/rebound up - but for now things look precarious.
Again, I must thank LEE,MONTY,LG,GERSH for their excellant contributions of those charts, and I strongly recommend that the WEBSITE be book-marked. I seldom express my opinion strongly, but this time I will.
cp-tel.net
Seeya |
