Pharmaceuticals (PPH) Overdue for Correction

Multiple upside momentum non-confirmations of the upleg off of the 8/11 low at 73.39 to Wednesday's high at 77.96 suggests strongly that the Pharmaceutical HOLDRs (PPH) is overdue for a correction into the 75-74 area in the upcoming days. My work argues that a near-term peak has been established and possibly a more significant high as well that ends the entire upmove off of the 12/12/05 low at 66.

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