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Chart Watch: Long-term bullish outlook remains despite selling pressure

Globe editors have posted this research report with permission of Phases & Cycles Inc. This should not be construed as an endorsement of the report's recommendations. For more on The Globe's disclaimers please read here. The following is excerpted from the report:

Two weeks ago there were signs that the risk/reward balance was changing and that a period of profit-taking might occur. This is perfectly normal, as we see even a minor correction is enough to change trend.

The bull market needs periodic pullbacks. We are still cautious short term but remain very bullish for the longer term. There is still a lot of spring left in the legs of this Leg-5.

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A corrective period should reveal buying opportunities.

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About the Author
President of Phases & Cycles Inc.

Ron Meisels, President, Phases & Cycles Inc., has been active as an Analyst since 1971. He was Vice President and Director of Technical Research of Nesbitt Thomson (now BMO Nesbitt Burns) from 1982 to 1990. He was ranked among the top three technical analysts by Canadian Institutions for six consecutive years (Brendan Wood Survey). More

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