Market Observations: Building the right shoulder.: "This is turning out to be a terrific 6.5 month Head and Shoulders top. This is a major top formation and it has the abiliity to produce the next bear market. The right shoulder has started building. The sell off today is within the normal process of building that pattern.
I think it will take some more consolidation to build some serious momentum to the downside, therefore I am looking for another attempt to rally as soon as tomorrow. The high of last Friday at 1281 will most likely get retested and maybe will be marginally broken. This process can last anywhere from 4-6 weeks and we are chewing into the first week so far. The window of opportunity is closing for the longs."
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