Monk, remember that article I told you about that I wrote for Futures magazine in 1995? It was about using RSI as a failure swing indicator instead of an overbought / oversold indicator.
Well, we just hit the failure swing level on a monthly basis in all indexes. This means that we are within a month of a top.
Caveat: we could see a downturn followed by another rally to a higher high with a diverging RSI. I actually have this as my primary expectation going into early 2004.
Regardless, a significant correction should take hold by mid month.
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