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The Broad market needs Basic Materials to break from this clean falling channel to break from its flag/Pennant resistance (see flag resistance)
Suggested to pick up IYM at (3) due to the potential of an “Right Shoulder” forming and suggested at the time IYM could pick up a quick 10% and it did in a matter of days. (see chart here)
If IYM isn’t owned at this time, I would want to be a buyer on an upside breakout, with a stop a couple of percent below line (1). Resistance remains strong just like Mr. Clean at this time!