The Quantifinder yesterday showed a study that has been shared a few times in the subscriber letter. It looks at intermediate-term highs being acheived on declining volume in a long-term downtrend.
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjEwStvEHihS6sWPlR8kazF_VHWHGrQofIRVjad55XWhawf3BRIoTDYHOJeTxcdPCJivKkDc4ychLJSpD9wmxpeOuFafDuA5Qi682YA0Xo-XCWdlMzJtdyJvR14Qku5DsAciK8zpXEq8FPK/s800/2010-9-10+png.png)
The 90% consistency rate for some type of pullback is high and implications certainly seem to favor the bearish case.
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjEwStvEHihS6sWPlR8kazF_VHWHGrQofIRVjad55XWhawf3BRIoTDYHOJeTxcdPCJivKkDc4ychLJSpD9wmxpeOuFafDuA5Qi682YA0Xo-XCWdlMzJtdyJvR14Qku5DsAciK8zpXEq8FPK/s800/2010-9-10+png.png)
The 90% consistency rate for some type of pullback is high and implications certainly seem to favor the bearish case.
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