Always be working your wave counts! NYSE is one of the weakest charts compared to the DOW and S&P and thus it remains under my watch for any deterioration that could lead the markets down.
The NYSE made it's last high on 5/2011. Rolling over here could eventually spell BIG TROUBLE for the other indices.
The monthly chart shows a proposed wave count that would currently call for a 3-3-5 flat correction. I've included some reference fib levels and a w.(C) =w.(A) target of 6212. Prints above 8718.25 would negate this interpretation.
Let's see what happens.
Best of Trading
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Fair Disclosure Notice: I do not have a position in any of the aforementioned futures markets or securities related to this article.
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