The 6/24/16 retreat from record highs could represent the third failure since the start of 2015 to break through the 1.618 Fibonacci retracement of the 2007-2009 correction. This move MAY also represent the start of the last leg of a complex head & shoulders pattern that started in early 2014. This setup MAY suggest we are facing a fast drop as we continue a...
Looking at the "big picture" with a quarterly interval, it appears that the MACD(12,26) is rolling over and going to cross below the Signal(9) line for only the third time in the last 20 years. The prior two occasions were the start of the 2001 and 2008 crashes. Deep pullbacks to 1300 or even 900 do not seem unrealistic looking at trendline support through previous lows.
