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The 1-year chart for the S&P/TSX Venture Comp index looks ominous with this index having dropped back to make a low beneath its February low and test support in the vicinity of its 200-day moving average. Having arrived there in a very oversold condition as shown by its MACD indicator it is now bouncing to form what should turn out to be the Right Shoulder of a strongly bearish downsloping Head-and-Shoulders top. This bounce should be utilized as a final opportunity to unload positions and possibly short this market.

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The best course of action for investors and speculators going forward should be obvious from what is set out above. If you concur with the arguments presented here then you have the choice of either selling out most holdings into whatever strength we see in coming days or weeks, before the markets turn lower again, which will get you the better prices, or of waiting for the patterns to break down, which will make it more certain that we are in for a heavy decline. Note that at this point it is not clear how long the broad market will take to complete the Right Shoulder of its Head-and-Shoulders top - it could take as long as a month or two, but may take much less. Another point is that the Right Shoulder of the pattern is likely to top out at a level lower than that of the Left.

Oil stocks have fallen heavily in the recent past, partly due to the BP fiasco in the Gulf of Mexico, and oil stock index charts are starting to look decidedly bearish, with a bearish moving average cross imminent. We correctly predicted last week�s sharp bounce off the lower boundary of the bearish Broadening Formation shown on our 2-year chart for the OIX oil index. A weak rally is now expected that is unlikely to take the index beyond its moving averages before it rolls over and heads south again.

防御策略：现金为王。但必须牢记：由于预期大萧条2-3年后将出现恶性通货膨胀，黄金将很快复苏并走出新高。 The Looming Financial Holocaust, Massive Bearish Patterns Across Multiple Markets 2010 May 30, 2010 - 05:23 PM By: Clive_Maund

We had expected the broad stockmarket and the resource sector to stabilize and start to recover last week and they did, and while we are likely to see further recovery in the days and perhaps weeks ahead, there have been some ominous developments in the recent past that we would be most unwise to ignore. The market did not go into full crash mode because it was not technically ready to, although it got close to it, and crucial support held - for now. However, heavy technical damage was inflicted and a broad review of long-term charts reveals that a blood-curdlingly dangerous setup has developed across a wide spectrum of markets.

Copper has such a good record of front running major market moves that it has earned the nickname �Dr Copper� as it is frequently a good gauge of the future health of the market. So it is interesting and appropriate for us to take a look at the copper chart now. The 5-year chart for copper presents a bleak and ominous picture, for a massive Double Top appears to be completing with the price topping out beneath the zone of massive resistance approaching the 2006 - 2008 highs. Just as with the S&P500 index copper has dropped down to the neckline of a Head-and-Shoulders top area, and now appears set to mark out a Right Shoulder before finally breaking down and plunging. This hardly augers well for the world economy.

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