According to plan
Market conditions are going very much according to plan.
Last week we had the potential low (which you can see on this chart of the Russell) as that one came in at 161 days down, while many other charts were 144 days down. Most of the market turned right here at 377 weeks off the NDX bottom in 2008.
That’s why it bottomed. As I told you last time, I really doubted that in the 377 window we would get better symmetry lining up. Additionally, we also talked about other charts lining up at the golden spiral in terms of price. Now that that’s settled, we can move on. Here is some more really good symmetry.
Here’s the rest of the story. Looking at an hourly of the SOX, it is very representative of lots of charts. What you see is a peak at 233-34 hours off the Dec. 29 high. You know, that’s the one that enabled us to catch the top I told you about right after new year’s, which turned into the most prolific bear January in at least 100 years.
Why call it the worst month? If you were bearish like I was, it was the best of times.