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Warning: The Stock Market Rally is on VERY Thin Ice


 -- Published: Thursday, 19 October 2017 | Print  | Disqus 

By Graham Summers

 

The market is on the verge of something serious.

 

For months we’ve been climbing steadily in a tighter range. Stocks have been BEYOND overbought having gone 300 days without even a 3% pullback.

 

This latest move has formed a sharp rising wedge pattern that has just broken out to the downside. Stocks need to SERIOUSLY reverse and go parabolic here or the trend has changed.

 

http://www.goldseek.com/news/2017/10-19gs/image002.jpg

 

The pattern has occurred at the very tip of an even larger 2-year rising wedge pattern (purple lines). The first downside target is the lower purple line at 2,500 on the S&P 500. But if this larger rising wedge pattern breaks then 2,125 is in play.

Yes, 2,125.

 

http://www.goldseek.com/news/2017/10-19gs/image004.jpg

 

And if things get truly nasty, the following chart needs no explanation.

 

http://www.goldseek.com/news/2017/10-19gs/image006.jpg

 

A Crash is coming…

And smart investors will use it to make literal fortunes from it.

Best Regards

Graham Summers

Chief Market Strategist

Phoenix Capital Research

 


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 -- Published: Thursday, 19 October 2017 | E-Mail  | Print  | Source: GoldSeek.com

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