I think we still need a hard down wave before another up. The Dec 14 FOMC is getting near and if we were to have a second panic buying rally, it needs to start tomorrow I believe. From past FOMC announcements, the market should start a consolidation about now into the announcement, however, it seems that good news has a previous down getting ready for a big up and bad news would be reversed and go up getting ready for a big down. EDIT: the second INDU chart was for commenting that INDU has not had a decent correction yet.
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