We pointed out on July 16 that it was do or die time for NYA. It had backtested a trend line connecting a string of lows that was 7 months long — as well as the SMA100. We forecast a drop to 10387 by early August and 10,042 by mid-August.
We were right on the direction and the timing, but underestimated the extent of the initial drop. Rather than find support at 10,042 — the potential neckline for a huge H&S Pattern — NYA plunged right through.
The drop to the white 1.272 at 9,513 surprised many investors, but was in keeping with our analog.
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