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STOCKS RETREAT TOWARD SUMMER LOWS -- TREASURY BOND PRICES GAIN -- HIGH YIELD BONDS FALL WITH STOCKS -- DOLLAR DROP PUSHES SOME MONEY INTO GOLD -- VIX STAYS ABOVE CHART SUPPORT -- AUTOS AND BIOTECHS WEAKEN

by John Murphy,

Chief Technical Analyst, StockCharts.com

AUTOS AND BIOTECHS WEAKEN ... Two groups that had recently held up better than others have experienced heavy selling this week. Chart 1 shows the Dow Jones Automobile Index falling back below its 50-day line. Its relative strength line (top of chart) has started to weaken as well. Volkswagen has lost...   READ MORE 

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FED INACTION BOOSTS BONDS AND SAFE HAVEN ASSETS WHILE HURTING STOCKS -- WITH SHORT-TERM BOUNCE ENDING, A RETEST OF SUMMER LOW APPEARS LIKELY BETWEEN NOW AND OCTOBER -- THAT WILL HELP DETERMINE IF THIS IS A CORRECTION OR BEAR

by John Murphy,

Chief Technical Analyst, StockCharts.com

FED DECISION TO LEAVE RATES ALONE SHAKES MARKETS ... I'm not sure what the Fed said on Thursday that got everyone upset. It acknowledged weakness in foreign markets (like China) and low inflation. We already knew about plunging Chinese stocks and weak commodity prices. Even so, markets took a...   READ MORE 

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SHORT-TERM STOCK BOUNCE HAS PROBABLY ENDED -- A RETEST OF SUMMER LOW NOW APPEARS LIKELY -- VIX BOUNCES OFF 20 SUPPORT LEVEL

by John Murphy,

Chief Technical Analyst, StockCharts.com

RETEST OF AUGUST LOWS LIKELY... The short-term bounce that started nearly a month ago appears to have run its course. That suggests that a retest of the August low is more likely. I recently applied Fibonacci retracement lines over the Dow Industrials to show where new selling might appear. Chart...   READ MORE 

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Market Loses Confidence in the Fed

by Martin Pring,

President, Pring Research

* Thursday’s action represents a bearish Pinocchio bar. * Long-term indicators remain bearish. * Will Friday’s trading have a silver lining? Thursday’s Pinocchio bar In last week’s article I pointed out that several market averages had experienced bearish engulfing patterns and that a test of the lows was likely....   READ MORE 

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FED LEAVES RATE UNCHANGED -- BONDS RALLY ON FALLING YIELDS -- DOLLAR WEAKNESS BOOSTS GOLD -- STOCKS SUFFER DOWNSIDE REVERSAL

by John Murphy,

Chief Technical Analyst, StockCharts.com

INITIAL REACTIONS... The Fed left short-term rates unchanged today. The two main reasons given were lower inflation and weakness in foreign markets. Ms. Yellen, however, stressed in her press conference that the U.S. economy still looked solid and that a rate hike by yearend was still possible. Not surprisingly,...   READ MORE 

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CHINA BOUNCE BOOSTS ASIAN ETFS -- ENERGY STOCKS SHOW NEW LEADERSHIP AS CRUDE OIL CLEARS 50-DAY AVERAGE -- OIL STABILITY ALSO BOOSTS EMERGING MARKETS IN MEXICO AND RUSSIA -- TESLA AND FORD LEAD AUTOS -- VIX NEARS TEST OF 20 SUPPORT

by John Murphy,

Chief Technical Analyst, StockCharts.com

CHINESE STOCKS REBOUND ... Emerging markets are getting some relief from a rebound in China. Hong Kong stocks are up 511 points (2.3%) while Shanghai gained 147 points (4.9%). Chinese ETFs are also bouncing off important support levels while in a deeply oversold condition. Chart 1 shows HongKong iShares...   READ MORE 

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BOND YIELDS RISE AS MONEY LEAVES BONDS FOR STOCKS -- BANK SPDR IS BACK ABOVE ITS 200-DAY LINE -- ETRADE IS A FINANCIAL LEADER -- UPS HELPS PULL TRANSPORTS ABOVE 50-DAY AVERAGE -- S&P 500 CLEARS 20-DAY LINE AS MARKET BOUNCES

by John Murphy,

Chief Technical Analyst, StockCharts.com

BOND YIELDS SURGE ON CONSUMER SPENDING... Today's jump in bond yields is being attributed to gains in consumer spending. Chart 1 shows the 10-Year Treasury Note Yield ($TNX) climbing above its 50-day average to the highest level in a month. When yields rise, bond prices fall. Chart 2...   READ MORE 

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Six Reasons Why the Fed Will Not Raise Rates; One Bad Reason Why it Will

by Martin Pring,

President, Pring Research

* Consumer sentiment flags a sell signal * Short rates rise before commodity prices do.  That's not supposed to happen. * TIPS break key support The biggest question in financial markets this week is "will she or won't she?". The ”she” in this case is Janet Yellen...   READ MORE 

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HOUSING GROUP CONTINUES TO LEAD -- HOMEBUILDING LEADERS INCLUDE DR HORTON, NVR, AND LENNAR -- HOUSING RELATED STOCK LEADERS INCLUDE MOHAWK, MASCO, AND HOME DEPOT -- COMPARISON OF TWO HOUSING ETFS -- MARKET AWAITS FED DECISION

by John Murphy,

Chief Technical Analyst, StockCharts.com

HOMEBUILDERS CONTINUE TO GAIN ... This is the latest of several positive messages written herein on homebuilders and housing stocks in general. Homebuilders were one of the strongest stock groups on Friday. More importantly, they're also the strongest group over the last month and the last three month periods....   READ MORE 

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Evidence Points to Further Testing of the Lows

by Martin Pring,

President, Pring Research

* S&P engulfing pattern hints at downside pressure to come * Guggenheim asset ratio continues to signal money outflow * EEM give indications of a better short-term performance to come * BOJ so far fails the inflation test US Equities short-term The recent wild swings in the market may look random in...   READ MORE 

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INDIVIDUAL STOCK LEADERS SHOWING RELATIVE STRENGTH INCLUDE KLA TENCOR, FREEPORT MCMORAN, GILEAD SCIENCE, AND ASSURANT -- APPLE IS ALSO STARTING TO SHOW RELATIVE STRENGTH

by John Murphy,

Chief Technical Analyst, StockCharts.com

KLA TENCOR IS SPX LEADER... Relative strength in an individual stock during a downside correction is a positive sign. Today, I'm looking at some individual stock leaders who also happen to be in groups that are also showing relative strength. KLAC Tencor (KLAC) is the day's...   READ MORE 

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JAPANESE STOCKS HAVE BIGGEST JUMP IN SEVEN YEARS AS YEN DROPS -- RISING BOND YIELDS HELP BANKS AND INSURERS -- BUT HURT REITS AND UTILITIES -- OVERSOLD COPPER AND COPPER STOCKS ARE BOUNCING OFF MAJOR CHART SUPPORT AND MAY BE SCRAPING BOTTOM

by John Murphy,

Chief Technical Analyst, StockCharts.com

JAPANESE STOCKS BOUNCE OFF MAJOR SUPPORT LINE... Japan was the only country that didn't participate in yesterday's global stock rally. It's making up for that today in a big way. And at a good time. I've been showing a lot of global...   READ MORE 

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EEM ISHARES BOUNCE OFF 2011 LOW -- EAFE ISHARES ALSO HOLD SUPPORT -- OVERSOLD CANADIAN STOCKS REBOUND -- U.S. STOCKS HAVE STRONG DAY TO STAY WITHIN RECENT TRADING RANGE -- BOND YIELDS BOUNCE AS MONEY LEAVES BONDS FOR STOCKS -- VIX RETREATS ANOTHER 10%

by John Murphy,

Chief Technical Analyst, StockCharts.com

EMERGING MARKETS BOUNCE OFF CHART SUPPORT... Within the exception of Japan, global stocks are bouncing nicely today. It started in Asia with a rebound in Chinese stocks. That gave a much needed boost to emerging markets. And it may be coming just in time. The monthly bars in Chart 1...   READ MORE 

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BANKS AND SEMICONDUCTORS BOUNCE OFF MAJOR SUPPORT LEVELS -- LONGER RANGE CHARTS SUGGEST CURRENT PULLBACK IS A CORRECTION IN A LONGER RANGE UPTREND -- HOMEBUILDERS SHOW RELATIVE STRENGTH -- DR HORTON IS HOMEBUILDING AND MARKET LEADER

by John Murphy,

Chief Technical Analyst, StockCharts.com

BANKS BOUNCE OFF CHART SUPPORT... I've explained in previous messages that I lean toward the view that the stock market is in the midst of an overdue correction. It's been four years since the market saw a correction of more than 10%. That's much...   READ MORE 

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WHAT'S THE DIFFERENCE BETWEEN A CORRECTION AND A BEAR MARKET? -- LONG-TERM SUPPORT LEVELS FOR S&P 500 -- STOCKS REMAIN IN TRADING RANGE WHICH IS LIKELY TO CONTINUE -- VIX RETREATS

by John Murphy,

Chief Technical Analyst, StockCharts.com

WHAT'S THE DIFFERENCE? ... There's a debate in professional circles as to whether the stock market is in a correction or a bear market. It makes a difference. Let's define what they are. A stock market "correction" is a drop of more than...   READ MORE 

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Long-term Indicators Signal A Primary Bear Market But Last Monday's Panic Low Ought To Hold For A While

by Martin Pring,

President, Pring Research

* Right shoulder rally is a work in progress. * Dollar Index showing some technical cracks. * Gold breaks out against stocks. Last week I pointed out that the S&P 500 ($SPX), along with several other averages, had experienced a bullish exhaustion day. That fact, along with an excessively high reading...   READ MORE 

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S&P 500 STALLS BELOW BREAK, SMALL-CAPS SHOW RELATIVE STRENGTH, UTILITIES SPDR BREAKS DOWN, TREASURY BONDS FORMS BIG ENGULFING, 10-YR YIELD BOUNCES WITHIN DOWNSWING, GOLD AND SILVER BACK OFF BROKEN SUPPORT ZONES

by John Murphy,

Chief Technical Analyst, StockCharts.com

S&P 500 STALLS WELL BELOW SUPPORT BREAK... Chart 1 shows the S&P 500 with a big support break at 2040 and some serious volatility over the last two weeks. Notice that the index fell over 10% and then bounced with a 5+ percent surge back to...   READ MORE 

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3 STRIKES AND A TREND CHANGE, S&P 500 FORMS BIG HAMMER, JUNK BONDS UNDERPERFORM INVESTMENT BONDS, STOCKS UNDERPERFORM BONDS, AVERAGE STOCKS UNDERPERFORMS LARGE CAP STOCKS, THE DAMAGE IS NOT UNDONE, MID-CAP AND SMALL-CAP AD LINES HIT NEW LOWS

by John Murphy,

Chief Technical Analyst, StockCharts.com

3 STRIKES AND A TREND CHANGE... Link for today's video. There has certainly been a lot of noise the last two weeks and this makes it a good time to look at some weekly charts for a little perspective. We will start with the S&P 500...   READ MORE 

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GLOBAL STOCK BOUNCE CONTINUES -- OVERSOLD CHINESE STOCKS SHOW SOME BOUNCE -- EEM AND EAFE ISHARES BOUNCE OFF CHART SUPPORT -- SELLING IN TREASURIES, THE EURO, AND YEN SHOWS MORE CONFIDENCE

by John Murphy,

Chief Technical Analyst, StockCharts.com

CHINESE STOCKS REBOUND... Global stocks opened higher this morning from deeply oversold conditions. In many cases, those rebounds have also taken place from potential support levels. Chinese shares in Hong Kong and Shanghai jumped 3.6% and 5.3% respectively. That also relieved selling pressure around the globe. While it&...   READ MORE 

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STOCK INDEXES ARE TRYING TO HOLD LAST OCTOBER'S LOW -- MORE BACKING AND FILLING IS NEEDED TO REPAIR TECHNICAL DAMAGE -- SAMPLES OF PREVIOUS CORRECTION BOTTOMS -- LONG-TERM UPTREND IS STILL INTACT

by John Murphy,

Chief Technical Analyst, StockCharts.com

DOW TRIES TO HOLD LAST OCTOBER'S LOW... My Saturday message suggested that U.S. stock indexes could drop to last October lows; but that those lows should hold if this is just a market correction (and not a major top). Chart 1 shows the Dow Industrials trying to...   READ MORE 

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Whipsaw Decline Or The Start Of The Right Shoulder?

by Martin Pring,

President, Pring Research

* Monday’s action suggests a short-term rally is in the cards. * Action by the S&P 48-month ROC argues for a bear market. Catching a falling knife with your bear hands is never fun. Sorry, Freudian slip. Should be bare hands! I am not going to try to call...   READ MORE 

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GRAY MONDAY, BULK OF THE EVIDENCE HAS TURNED, TREND IN FORCE UNTIL, MARKING FIRST RESISTANCE, NIKKEI BREAKS, FTSE HITS 30-MONTH LOW, DAX AND CAC TREND LOWER, EURO AND YEN SURGE

by John Murphy,

Chief Technical Analyst, StockCharts.com

GRAY MONDAY REARS ITS UGLY HEAD... Stocks are in the midst of a global rout that is turning into another Black Monday - of sorts. So far, there have been three Black Mondays in stock market history. The first was on October 28th, 1929, when the Dow fell 13%. This...   READ MORE 

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STOCKS HAVE ENTERED WAVE 4 CORRECTION -- 2015 DOWNTURN CLOSELY MATCHES 2011 CORRECTION WHICH BOTTOMED IN OCTOBER -- TO KEEP THE LONG-TERM UPTREND INTACT, LAST OCTOBER'S LOWS HAVE TO HOLD -- VIX INDEX SURGES TO NEW 2015 HIGH

by John Murphy,

Chief Technical Analyst, StockCharts.com

AN ELLIOTT WAVE UPDATE ... My market message from July 9 offered my Elliott Wave analysis of the NYSE Composite Index. Chart 1 is an updated version of that view. The five red numerals show a five-wave advance from its 2011 bottom. My view was that the May peak in the...   READ MORE 

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EW S&P 500 ETF CONFIRMS REVERSAL PATTERN, QUANTIFYING SELLING DISPERSION, SMALL-CAPS LEAD AD LINES LOWER, NASDAQ 100 LEADS NEW LOW EXPANSION, BANKS, BROKERS AND RETAILERS BREAK DOWN, SEVERAL ASIAN INDICES ARE IN BEAR MARKETS

by John Murphy,

Chief Technical Analyst, StockCharts.com

EW S&P 500 ETF CONFIRMS REVERSAL PATTERN... Programming Note: We are having technical difficulties with the screen recording software and there is no video today. I apologize and will get it fixed this weekend. The Equal-Weight S&P 500 ETF (RSP) is a good ETF to use...   READ MORE 

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Major Equity Market Breakdowns Warn of Lower Prices to Come

by Martin Pring,

President, Pring Research

* McClellan Volume Model for NASDAQ goes bearish. * EEM breaks down from a major top. * Chinese equities are right on the brink. The last time I wrote about equities, two weeks ago, I pointed out the dearth of breadth. I also mentioned that following the end of the 'bullish end-of-the-month&...   READ MORE 

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FTSE ALL WORLD INDEX FALLS BELOW SUPPORT TO DEEPEN CORRECTION -- U.S. SUFFERS MORE TECHNICAL DAMAGE AS SEVERAL STOCK INDEXES FALL TO SIX-MONTH LOWS -- THE S&P 500 FALLS BELOW 200-DAY AVERAGE

by John Murphy,

Chief Technical Analyst, StockCharts.com

FTSE ALL WORLD INDEX FALLS TO SEVEN-MONTH LOW... Global stock selling is intensifying. Big losses are seen in developed and emerging markets in Asia, Europe, and the Americas. And more technical damage is being done. Chart 1 shows the FTSE All World Index (which includes the U.S.) falling below...   READ MORE 

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GLOBAL STOCKS REMAIN UNDER PRESSURE -- EAFE ISHARES DROP BELOW 200-DAY AVERAGE -- EMERGING MARKET ISHARES FALL TO TWO YEAR LOWS -- NYSE COMPOSITE INDEX STILL LOOKS BEARISH -- SO DO MARKET BREADTH FIGURES

by John Murphy,

Chief Technical Analyst, StockCharts.com

EAFE ISHARES FALL BELOW 200-DAY AVERAGE... The trend in global stocks continues to weaken. As usually happens sooner or later, weakness in foreign markets is starting to weigh more heavily on the U.S. Chart 1 shows EAFE iShares (EFA) falling below its 200-day today for the first time since...   READ MORE 

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SMALL AND MID CAP ETFS BOUNCE WITHIN CORRECTIONS, UPTREND TRUMPS FLAG BREAK IN XLF, INSURANCE HITS NEW HIGH AS REGIONAL BANKS RECOVER, FINANCE BREADTH IMPRESSES, FINDING BREADTH SYMBOLS, COMMODITY ETF BECOMES VERY OVERSOLD, OIL REMAINS IN STEEP DOWNTREND

by John Murphy,

Chief Technical Analyst, StockCharts.com

SMALL AND MID CAP ETFS BOUNCE WITHIN CORRECTIONS... Link for today's video. Small-caps have been the Achilles heel of the stock market by showing both relative and absolute weakness the last two months. Even with this poor performance, the decline in the Russell 2000 iShares (IWM) over the...   READ MORE 

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SPY LOSES MOMENTUM, DIVERGENCE FOR RSP, HOME BUILDERS ETFS HIT NEW HIGHS, NETWORKING ETF BREAKS WEDGE, SEMIS SLIP, FINDING POCKETS OF STRENGTH, BONDS BREAK FREE AS COMMODITIES EXTEND LOSSES, SCTR MAKES BIG MOVE FOR XLY, IYR LEADS IN JULY-AUGUST

by John Murphy,

Chief Technical Analyst, StockCharts.com

S&P 500 SPDR LOSES MOMENTUM... Link for today's video. Before getting too bearish on the S&P 500 SPDR (SPY), chartists should keep in mind that this broad index ETF is trading above its rising 200-day SMA, the 50-day SMA is above the 200-day and...   READ MORE 

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DOW DEATH CROSS, S&P 500 BREAKS KEY SMA, FINANCE LEADS LOWER, GOLDMAN AND MORGAN WEIGH ON BROKER-DEALERS ETF, BONDS EXTEND SURGE AS UTILITIES GAIN, HANG SENG LEADS CHINESE STOCKS LOWER, DAX LEADS EURO STOCKS LOWER

by John Murphy,

Chief Technical Analyst, StockCharts.com

DOW GETS DEATH CROSS AS S&P 500 BREAKS 200-DAY... The major index ETFs were down in early trading on Wednesday with the finance, technology and consumer discretionary sectors leading the way lower. It is quite negative to see these key sectors leading on the way down. The Dow...   READ MORE 

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REVIEW OF MAJOR INDEX ETFS (QQQ,SPY,IJR,MDY),HOUSING AND RETAIL SPLIT, BIOTECH ETFS TEST KEY SUPPORT LEVELS, SPOT CRUDE TESTS 2015 LOWS, COPPER AND ALUMINUM HIT MULTI-YEAR LOWS, WEBINAR DETAILS

by John Murphy,

Chief Technical Analyst, StockCharts.com

REVIEW OF MAJOR INDEX ETFS (QQQ,SPY,IJR,MDY)... Click here for the webinar recording. The large-cap index ETFs continue to be tossed and turned within trading ranges, while the small and mid cap index ETFs remain in corrective mode. Chart 1 shows the S&P 500 SPDR (SPY)...   READ MORE 

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Commodities Have Stopped Going Down... But For How Long?

by Martin Pring,

President, Pring Research

* Momentum indicators for commodities are turning up. * The Dollar Index has violated a small down trend line. The major averages have moved sideways over the last 12-months or so but under the surface a few sectors have managed to gain in price and some have lost considerable ground. Chart 1...   READ MORE 

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SMALL-CAP ETF TESTS SUPPORT, SMALL-GROWTH AND EW QQQ SURPRISE, FINANCE-HEALTHCARE-TECH-STAPLES LEAD, BANK ETFS FORM CONTINUATION PATTERNS, HACK HITS KEY RETRACEMENT, TWO CYBER SECURITY STOCKS, VIDEO DETAILS

by John Murphy,

Chief Technical Analyst, StockCharts.com

SMALL-CAP ETF TESTS SUPPORT AGAIN... Link for today's video. I noted that the "average" stock is in correction mode in last week's Market Message and also showed the short-term downtrends in the small-cap, mid-cap and equal-weight ETFs. These short-term downtrends remain in play, but...   READ MORE 

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AVERAGE STOCK CORRECTING, XLK ISLAND-PENNANT, RYT BEAR CHANNEL, XSD FIRMS AS IGN BREAKS WEDGE, ITB HOLDS TREND AMID DISPERSION, XRT TESTS SPRING LOWS, CHARTLIST, SUMMARY AND MARKETCARPET DEMO, VIDEO TIMELINE

by John Murphy,

Chief Technical Analyst, StockCharts.com

AVERAGE STOCK IS CORRECTING... Link for today's video. As its names suggest, the Equal-Weight S&P 500 ETF (RSP) tells us what is happening to the average stock in the S&P 500. This is opposed to the S&P 500 SPDR, which is weighted...   READ MORE 

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QQQ BREAKS SMALL WEDGE, IWM EXTENDS CORRECTION, CONSUMER DISCRETIONARY AND HEALTHCARE WEIGH, ENERGY GETS OVERSOLD BOUNCE

by John Murphy,

Chief Technical Analyst, StockCharts.com

QQQ BREAKS SMALL WEDGE... Weakness in techs and small-caps weighed on the market Thursday. Chart 1 shows the Nasdaq 100 ETF (QQQ) falling over 1% with a sharp decline late Thursday afternoon. The ETF is still in an uptrend overall, but today's decline broke wedge support for a...   READ MORE 

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Recent Quiet Market Action Continues To Mask Deteriorating Breadth

by Martin Pring,

President, Pring Research

* Special K continues to point to lower stock prices. * Dollar looks set to break out on the upside. * Euro and yen denominated commodities at new lows. The market continues to move sideways, but under the surface things continue to deteriorate. For example, Chart 1 features a cumulative line derived from...   READ MORE 

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SECTOR/INDUSTRY STALEMATES, SPY MAINTAINS TREND, MDY AND IJR CORRECT, FINANCE MAINTAINS UPTREND WITH INSURANCE LEADING, STAPLES LEAD AS DISCRETIONARY GETS STUCK, INDEX AD LINES TURN MIXED, SECTOR BREADTH, WEBINAR DETAILS

by John Murphy,

Chief Technical Analyst, StockCharts.com

SECTOR STALEMATE DEFINES TRADING RANGE... Click here for the Webinar recording. The S&P 500 and SPY are stuck in trading ranges because sector performance is split. Chartists can even see the market split at the industry group level as well. Looking at six-month performance for the 100+ Dow...   READ MORE 

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TLT HITS MOMENT-OF-TRUTH, 30-YR T-YIELD TESTS, YIELD CURVE REMAINS POSITIVE, CRUDE SUFFERS BIGGEST DECLINE, COMMODITIES BOOSTS BONDS, UTILITIES LEAD IN JULY, REITS BOUNCE WITH BONDS

by John Murphy,

Chief Technical Analyst, StockCharts.com

TLT HITS MOMENT-OF-TRUTH WITH BIG WEEK ... Link for today's video. The first week of the month is always packed with economic reports and employment data, which makes it a big week for bonds. Bonds caught a bid over the last three weeks as the 20+ YR T-Bond ETF...   READ MORE 

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SPY HOLDS UPTREND, SECTOR SPLIT DEFINES RANGE, REVIEWING 2007 TOP, SECTOR BREADTH IN 2007-2008, SECTOR BREADTH IN 2015, HEALTHCARE PROVIDERS ETF CORRECTS, SOFTWARE ETF CONSOLIDATES, AIRLINES TRY TO TAKE OFF

by John Murphy,

Chief Technical Analyst, StockCharts.com

SPY UPTREND CONTINUES TO HOLD... Link for today's video. By now we are all aware of deteriorating breadth on the NYSE and relative weakness in small-caps. We are also well aware of the trading range for the S&P 500 since March. The trading ranges for the...   READ MORE 

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NYSE COMPOSITE REMAINS IN CONSOLIDATION -- % OF NYSE STOCKS ABOVE MOVING AVERAGES NEEDS TO SHOW IMPROVEMENT -- S&P INDEXES BOUNCE OFF 200-DAY AVERAGES -- SMALL CAPS NEED TO DO BETTER -- TRANSPORTS FINALLY SHOW SOME BOUNCE -- DOLLAR REBOUND CONTINUES

by John Murphy,

Chief Technical Analyst, StockCharts.com

NYSE COMPOSITE FINDS SUPPORT AT MARCH LOW... I wrote a message three Thursdays ago (July 9) on Elliott Waves which suggested that the May high on the NYSE Composite Index had completed a major upwave from its 2011 bottom (Wave 3), and was entering a Wave 4 period of correction...   READ MORE