Take a look at the 2 year charts for Nasdaq, S&P and Dow.
A perfect long term parallel down channel can now be drawn for each.
Nas from Mar00 all time high.
S&P from Sep00.
Dow from May01.
All strongly suggest a major wave down is about to begin with a failed re-test of the upper line on 6/12.
A medium / long term top on 6/12 is supported by a significant increase in volume and hammer reversal / blow off top.
Short term, I expect a final short term rally lasting 1 day to 3 weeks.
Regards,
Ian
A perfect long term parallel down channel can now be drawn for each.
Nas from Mar00 all time high.
S&P from Sep00.
Dow from May01.
All strongly suggest a major wave down is about to begin with a failed re-test of the upper line on 6/12.
A medium / long term top on 6/12 is supported by a significant increase in volume and hammer reversal / blow off top.
Short term, I expect a final short term rally lasting 1 day to 3 weeks.
Regards,
Ian
