wacky wednesday, page-21

Well weekly readings reached the extreme levels seen at major lows but also seen at bounce points in longer bears.

The month isn't up yet but levels there are not as low as I would have liked to see to confirm a major bottom.

They have formed major lows at these levels a few times such as 1994/5, and produced a powerful multi year up move.

So the question to ask is whether a less extreme bottom means there is more downside to come or that there are actually powerful upside cycles in place that truncated the downside.