Abet Chichi2

[chichi2]

"Stepping back and reviewing the hourly chart patterns, the indices opened sharply lower and went down all day in orderly channels and closed at the lows for the day going away, taking out key support levels on the various indices. We're now extremely oversold short-term and right at an important cycle low in this timeframe."

"I'd expect a snapback rally to occur, but it could come from lower levels and sharply so if the downside pressure is not arrested shortly. Oil was the chief culprit today, reaching over $140 to new all-time highs before backing off a bit, but still closing up $4.50 on the day." says Harry Boxer

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