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fib_1618

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Partial taken from this past weekend's "Weekly Breadth Data" update:

"So with the lack of any bullish follow through after Wednesday's strong reflex rally, the market's stability has now been called into question on a near term basis. With the NDX, OEX and Dow breadth McClellan Summation Indexes now within 2-3 market days away from probably moving down and through their zero lines, we now have to be on guard for a "crash like" capitulation event taking place over the next 2 weeks that will probably meet all of our downside price targets that have been given previously. On the positive side, however, if we do see this kind of event, it should finally send all of the breadth and volume McClellan Oscillators to lower lows on a uniformed basis from where we can then begin the process of constructing a foundational internal base where prices will later have a chance to build on. For now, we'll continue to remain defensive toward stocks in general while monitoring the action for what should eventually be a multi month counter advance that should begin in either November or December."

Fib

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