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Purely Technicals' Blog

Second Leg of Decline Beginning Here?

Is the second leg of decline beginning here? The QQQQ is showing a triple top. All indices have broken rising trendlines on intraday charts. It looks likely that we are on the way to meeting the 38.2% Fibonacci retracements of the Jun-Feb rally (see all the charts in the link attached below), if not much, much lower.

Take a look at our public listing at the following link in order to see developments on the charts that point to this likelihood.

http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID1676634

 

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Published Tuesday, March 13, 2007 8:31 PM by Purely Technical
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