The move has continued so much that it further solidifies our bullish long-term labeling. That’s
because currently, this advance has retraced 73% of the 2007-2009 decline on the SPX, 75% on the
Dow, and the entire decline on the NDX. This makes our job pretty easy when we look at the facts:
We’re left with an enormous nine-year pattern that looks like a textbook flat correction; it’s followed
by super-persistent impulsive upside movement; and that upside movement has now retraced most of
the corrective-looking decline. This isn’t a hard call. This is bullish action on the largest degree of
trend we follow, and it continues to point to higher levels.
because currently, this advance has retraced 73% of the 2007-2009 decline on the SPX, 75% on the
Dow, and the entire decline on the NDX. This makes our job pretty easy when we look at the facts:
We’re left with an enormous nine-year pattern that looks like a textbook flat correction; it’s followed
by super-persistent impulsive upside movement; and that upside movement has now retraced most of
the corrective-looking decline. This isn’t a hard call. This is bullish action on the largest degree of
trend we follow, and it continues to point to higher levels.