HitDog,Yep - I'd agree with you about where PEs are likely...

HitDog,

Yep - I'd agree with you about where PEs are likely heading. At the end of each so-called bear supercycle over the last century the PEs normally drop down to a low of well under 10. I'm assuming these supercycles are valid, though as there's claimed to be only 3 bear and 3 bull supercycles over the last century I have some small doubts about the concept.

Notwithstanding that, I'm expecting a decent rally in the meantime to get the current (IMO) oversold back to overbought before we retest the lows and possibly break significantly lower.

Could be wrong but that's my view at this stage.