Not being positively married to the "rising wedge" off October 2011 bottom thesis ... yet as it currently is working we have to go with it because today's smack down again brings into view technical circumstance back in early April and the probability present conditions ultimately should weaken relative to conditions then.
There's plenty of downside remaining within the tentative bounds of a "rising wedge" prospectively forming in the NYSE Composite Index. Whether such a negative turn delivers technical circumstance comparatively worse than anything displayed during this year's April-May period remains to be seen. This in fact I have been anticipating. Without a doubt, today's decline certainly raises the likelihood the near-term path of least resistance is lower. Time will tell whether a "rising wedge" ending the market's counter-trend rally off March '09 bottom, indeed, has been developing since early-October 2011.
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