Note: While we are forced to treat any sideways to higher price action as temporary relief for an overextended condition, I suggest keeping a close watch on this weekend’s emergency meeting of the Arab League in Riyadh to see if we may need to quickly alter our posture. For us to seriously entertain the possibility for the end of 1) an a-b-c pattern down from the September highs and 2) an early seasonal cycle bottom, low hanging resistance must be decisively exceeded across the board.
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