winks weekend wonderings, page-68

I am not a great fan of P&F over longer time frames as the eventual higher numbers make all the action look like it happened in the recent past.

Al the same, this P&F of the SPI since inception shows a classic set up.

As a student of McLaren I now understand that it is not so much double or triple tops to look for as defining tops but to look for as lower action in a declining market.

Vice versa it is the higher double bottoms that are more significant in bullish move.

In this P&F chart it is not just the lower double top that is the key but IMO it is the lower low in between.

My view is that a lower double top without the lower low in between has less significance.

EWers would consider it an irregular correction rather than a flat.

I was going to post another chart but will leave it till year end. I posted it near Nov end and it looked like that month might fall on a month end trend line back to 1992. It didn't and now it is near it again. No point postulating till the time is up so I will wait this time.