It’s been only two weeks since our last update on COMP in which we pointed out COMP might be running out of upside. In that time, the index popped up to an even more compelling reversal point.

Due to its age, the rising white channel that dates back to 2009 is subject to a little wiggle room. What’s not subject to error, though, is the 2.618 Fibonacci extension at 11643.40.

Today, COMP reached the intersection of that Fib and the white channel top – a strong sell signal for an index that seems to have forgotten how to decline.The thing is…it’s not the only sell signal our charts are giving us.

continued for members…

COMP’s rising white channel and 2.618 extension of the 2000-2003 crash:

A close-up reveals plenty of potential downside targets. I favor those which feature an intersection between Fibs and channel lines as indicated below.