The large cap stocks are seeing a significant reduction in buying pressure across the board. I believe there is a high chance this chart plays out to the downside in some way. When? Before October we should see the end of this formation.
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I forgot to note that I expect a further rally after the wedge plays out and before we head back to that blue line. The further we go up the more I worry though.
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Another line I am seeing is if you draw a line on the RSI from the 2019 repo market caused crash to the 2020 crash and continue it foreword it also connects with the breakdown in momentum target listed above.