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Here is a redo of the Trend Exhaustion posted a month or two back. Now that
the TEI's are scaled the same and smoothing constant changed, they give a
more reasonable picture. TEI = TEI[1] + k*(newhighs/advances - TEI[1]) .
Replace newhighs/advances with newlows/declines for the down TEI..
Basically what they are saying is a bottoming process is in the making, not
too surprising. The TEI Down is just now reaching levels of Feb/Mar 2000.
It went to higher levels in the 3rd and 4th quarter of 1999. The low will
be in place when the TEI Down makes a lower high. It isn't there yet, maybe
close, maybe not.
BobR
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