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Tuesday, February 25, 2020

25 February 2020

This might be the beginning of a depression, or it might just be wave 'a' of wave '4'.  I count the top of wave '1' at about 2950 so when that is broken it will be pretty certain that the Bull market is done.  There is a lot of support in that area near 2950.  There is support near 3135 from both the volume profile and the bottom trend line from the low of Dec 2018, shown here as the heavy Cyan line.  Today's volume indicates a likely upturn tomorrow as short traders take profits.

I have calculated June of 2020 to be a turning point.  Whether it is a bottom or top is currently unknown, but look for it.

Aside from a brief point early in 2018, the S&P 500 index has been trading at the price-to-earnings ratio of 18.9% The highest it’s been since May 2002. Last year it was just under 17%.

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