This is the Log chart of where we are right now scrolled back over a 100 years.
We all know how important trendlines are, and the first time we touch a trendline, we will expect rejections from the trendline.
Currently the DJI sits about ~600 points away from the trendline from the time of writing. The trendline high sits at about ~33500 points (we are not far away)
If we do get rejections from the trendline, we can see a rather nice correction in the stock market. The recent selloff was very much only in the growth stocks sector, Indices like SPX & DJI have barely budged (in fact we have seen a rotation into DJI).
Expect a correction in the overall stock market very soon within a few months time. How big and how deep we go no one knows.
We all know how important trendlines are, and the first time we touch a trendline, we will expect rejections from the trendline.
Currently the DJI sits about ~600 points away from the trendline from the time of writing. The trendline high sits at about ~33500 points (we are not far away)
If we do get rejections from the trendline, we can see a rather nice correction in the stock market. The recent selloff was very much only in the growth stocks sector, Indices like SPX & DJI have barely budged (in fact we have seen a rotation into DJI).
Expect a correction in the overall stock market very soon within a few months time. How big and how deep we go no one knows.