Another top sighting...
Per the Elliott Wave Principle's channeling guideline, the analyst is advised to plot prospective 5-wave channels using both logarithmically- and arithmetically-scaled charts. I typically present logarithmically-scaled daily bar charts here. The above $NYA chart contrarily is arithmetically-scaled. And five waves up from March '09 bottom (wave C) channel like a champion.
There's another bit of evidence supporting a "top is in" thesis.
Price-, RSI- and MACD-wise, appearances still bear considerable resemblance to mid-June. However, volume presents a notably different picture. Tuesday's sell-off on chunky volume really stands out. That this has been followed by flat trading on diminishing volume likely indicates more selling yet to come.
And today's final hour launch taking RSI to a buy-side extreme concurs.
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