20 yr chart, page-16

Nice work.

I do think that starting at the 1987 low is not really the ideal.

A viewing of a much longer history reveals an obvious bull market from 1974.

From the 1974 low the angle upward changed from what had for 100 years been a 4.5% compound increase to double that at 9%.

There are all sorts of ways to count from there that don't rule out a higher leg and of course we know there will be a higher leg as the market will in nominal terms always go higher.

So 74-81 coud be 1.

82-87 1 of 3

92-02 3 of 3

03-07 5 of 3.

That would leave a 5 wave which may subdivide into the usual 3 impulse legs.

For my money that sees 2013 - 2032 or 2034.

So major impulse leg 1 was 74-81 or just 7 years.

Major impulse leg 2 was 82-07 or 25 years.

Major impulse leg 3 would be 13-32/4 or 19 or 21 years.

According to Armstrong as well 1932/4 into 2037 will be the mother of all bear markets.