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S&P 500
5,436.44
(
-0.50%
)
US TECH 100
18,198.80
(
-1.92%
)
Dow Jones
40,743.33
(
0.50%
)
Brent Oil
78.54
(
-0.77%
)
Bitcoin
66,148.51
(
-1.03%
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Post# of 51819
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techcharter

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techcharter

Re: None

Saturday, 09/20/2008 8:49:57 AM

Saturday, September 20, 2008 8:49:57 AM

Post# of 51819
BIG Move on Lower Volume

Friday's historic advance in the markets has technical weakness behind it. The volume didn't spike higher. As a reference, The volume on Tuesday was nearly double Friday's. Thursday's volume was maybe 25% higher than Friday's. Wednesday did look like a capitulation day with spiking volume.

The general pattern in a bear market is for volume to increase as the price decreases, and decrease as the price increases. This 6 month daily chart of INDU clearly shows this.

From an E-wave view, my preferred count changes to wave c of 2 flat of larger Wave 3.

http://stockcharts.com/h-sc/ui?s=$INDU&p=D&yr=0&mn=6&dy=0&id=p75635173805

More downside is indicated by volume and e-waves.
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