When I first discovered the current analog back in March, it fascinated me that such an obvious pattern even existed. I had pretty much resigned myself to never finding another one as spectacular as the 2011 as 2007 analog.
It has obviously helped our daily forecasts tremendously. But, best of all, it has made it possible to believe the impossible. Chartists like me are looking to make sense of the many patterns in the market.
It would have been impossible to accept the twists and turns we’ve seen over the past year were it not for understanding the grand scheme underlying — and, unifying — the whole stinking pile.
Which reminds me — the FOMC statement is due out at 2pm today. Fed days are always difficult to trade. With expectations so high on both sides of the “will they or won’t they raise rates” debate, best wait for the dust to settle. We’ve had an excellent month so far; why tempt fate?
Having said that, I do have some thoughts about what to expect.
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