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23-Jun-09
Transports Rolling Over
The monthly RSI has just rolled over and will most likely head down and form some type of double bottom. The last time the Transports fell so much and touched it’s long term support in 02′-03′ it formed this type of bottoming pattern and then went on a major bull market run. This would fit into my belief that the markets need to correct and shake out all this “green shoots” nonsense and maybe the markets will be able to move higher then.
Posted at 18:28 in External Blog | Permalink | Top
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