| Weekly Trend: | Down |
|
| Daily Trend: | Down | |
| Daily Momentum: | ___ | Down |
No point pondering what has occurred in the last 24-hours. What we need to assess is what the pattern should deliver in the coming weeks. The market is now impulsing lower, but is at an extremely oversold condition. As such the chances of a bounce, especially after todays firm close, will be just around the corner. This bounce should NOT travel back above the June 21 highs, indeed we should retrace 50.0% to 61.8% of this most recent slide. From there we should continue lower once again and on toward our larger target area sub-4000. We may look to take defensive action on current short trades and look to add again when that bounce shows itself to be complete.
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