The stock markets appear to be in a downtrend. Note the S&P index. It rose from the 600's in March. It completed a three wave correction rally in April. (A, B, C) at around 1200. It then fell to around 1080 and tried three times to go above 1130, and each time it failed. It is now in a wave 3 decline and ended on Friday at 1080. Although it is short term oversold and may rally on Monday, the decline will probably resume. A third wave can be spectacular and sharp. This decline will ultimately end below 666, its previous low. It is interesting to watch it unfold.
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