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Dear Fellow Technician

In our June report we stated a topping process was underway. The process dragged on for much longer than we anticipated; consequently our stop was taken out last Friday with the index inching just a little beyond our tolerance, culminating in a 7% loss. However, the subsequent sharp reversal from that level maintains our bearish view and therefore we shall re-enter the short today. As per last issue, we start by presenting the analysis and reasoning, with our trade laid out at the end of the report

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