"The other thing is the NASI made a higher low in Oct. 2002 than the July 2002 lows. Also, from June 1 through July 23 there were not more than 2 consecutive days with higher highs."
Odds favor the $nasi going lower off of this last low sub -900. From 1998 thru the present the $nasi has formed 10 pnf double bottoms and failed to at least break down thru the double bottoms only once, and that failure became a triple bottom break which was in april of 2000. We know what that led to. We have double bottom number 11 formed right now and have yet to even move back up the first nominal pnf chart print. IF we do bounce in the $nasi here the maximum bounce that I would look for would be to about -390ish and then turn back down. -700 turns the pnf chart back up in the full term chart. Notice in this pnf chart that the support line from the 2001 lows has been broken and likely lower $nasi than most expect are reasonable to expect.
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