NYA features some of the best-formed channels of all the indices.
It’s helpful because, when it comes to harmonics, NYA usually dances to SPX’s tune. One recent notable exception was on May 22, when NYA completed its big Bat Pattern.
NYA reversed at the .886 of its crash from 10,387 to 4,181 (Oct 2007 to Mar 2009) — providing excellent confirmation for our call for a top for SPX at 1687. It performed the same duty in May 2011, Mar 2012 and Sep 2012.
What should we read into the fact that it has now rebounded to the May 22 high?
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