Ryan Detrick, head of Statistical analysis for Kimble Charting Solutions and I were honored to be on a “Chart Art” panel this past week, at the Stocktoberfest meeting at Coronado Island.
The main thrust of our talk was this; 'Global markets have formed look-alike patterns and that support of 5-year rising channels remains in place.'
Each of the key indices above have ALL declined lately, hitting rising-channel support and Fibonacci retracement levels, where ALL have created bullish reversal patterns (bullish wicks) at these dual support levels.
We also discussed the chart below:
This chart shows that 10% corrections have taken place on average once every two years, since 1960.
Bottom Line
Ten-percent corrections have been pretty normal during the past 50 years and the latest one that took place didn't break 5-year rising channels in any of the 6 global indices.
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