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As noted on Thursday, the decline this week generated a cycle high signal, indicating that an Intermediate-Term Cycle High (ITCH) likely formed last week.
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The confirmed early formation of an ITCH would be a bearish development favoring additional weakness heading into the next Intermediate-Term Cycle Low (ITCL) in early 2012. Additionally, it remains possible that the recent high in August was a meaningful inflection point and market behavior during the next several weeks will likely provide an important signal with respect to long-term direction. We will identify the key developments as they occur in our market forecasts and signal notifications available to subscribers.
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Post Written By: prometheusmi
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