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The Dow 30 closed below the lower trendline of a potential flag pattern today as noted on the chart above with the blue trendlines containing the rally since June. The minimum downward projection would be a move down equal to the May-June decline down from today's close.
The other indexes have not broken their flags yet, but watch for a possible gap down to open below the lower trendline of the flag. If there is a gap down and a close below the flag, then that would signal a likely valid chart pattern.
The standard projection would project to near the Nov 2011 lows. So we could see a downside move from here that is substantial. Stops would be above the recent July highs on a trade entry.
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