Market internals as well as structure are pointing to at least a short-term washout that could be dramatic, OR another low in progress of forming with relatively little further downside. Breadth is trading at a level that typically marks momentum lows in bull trends. The caveat to this is one of these times “will be different” as the market transitions into a larger degree bear trend, and at that point one of the signals will be that breadth reaches downside extremes and the downside price excursions are deeper and the ensuing rallies are shallow.
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