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Estimating the Top of This Bull Market?
Several times over the years, I have seen articles referring to methods for estimating the extent of a rally. As I recall, this used a sum of the previous rally and the subsequent selloff to estimate the extent of the current rally, but I don't remember the details and can't find it again. With the S&P 500 currently at nearly double the level of its 2000 and 2007 tops (1500-1550), I'm wondering if we can estimate where it might turn downward. I suspect we're getting very close to the finale' of this 10-year-long bull market, and want to see if this analysis can be used as a valid rule-of-thumb. Thanks much!