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With the Qs treading water in positive territory, above 35, my intermediate-term work argues that Friday's pivot low at 34.35 and rally that has extended to today's high at 35.26 represents the initiation of the final phase of the counter-trend recovery process that began in mid-April. If my work proves correct, then after a brief digestion period (and possibly pullback into the 34.90/80 area), the Qs should accelerate to the upside to challenge the 35.60/70 resistance area -- on the way to 36, at which point my work will argue for a resumption of the underlying dominant downtrend off of the December highs.

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