It was a downtrending day for the cash S&P500 on Wednesday. While we wait for confirmation that the zigzag pattern is complete I want to point out the latest technical development. A sell signal has been generated on the daily chart (shown) as the Composite Index (middle pane) diverged with the RSI (upper pane). This reinforces the idea that ”… the odds are very high that we saw the pattern complete at the May 2 high.”
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