Monday’s Big Picture update was one of our most important posts in a while. It not only explains the past several months, but offers specific price targets going forward into next year.
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In May of 2015, SPX completed a huge Butterfly Pattern set up by the 57% drop between 2007 and 2009. It helped us call an important top [see: The Last Big Butterfly] and made for some pretty profitable shorting opportunities.
Since then, as TPTB wrestled with a way to get SPX back above 2138, the Dow slowly worked its way higher. Just Monday, it came within 40 points of completing its own Butterfly Pattern for the same time period.
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