Anything is possible and if nothing else there are H&S pattern possibilities in all of the major indices. Some are in the shorter time frame of the last 4 months (SPX, COMP, NYA) and others in a longer time frame over the last year (INDU, RUT). Of course I am looking ahead and speculating, the right shoulder has yet to be formed. Still from my perspective (patterns, sentiment and seasonality) the scenario looks quite bearish to me. If this is to come to fruition, we will see a small recovery rally (lower high) probably sometime between now and Labor Day. This would move us closer to putting in the right shoulder and we then tumble into Oct-Nov (that is if the pattern stays true to form)...
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