Thanks Rhodes. Well spotted. You must have been trading it back...

Thanks Rhodes. Well spotted. You must have been trading it back in 1976 to find that!.

This pattern is exactly the same to my eyes, i.e. within my stated amount of wiggle room in above posts. So both charts have a topping distribution pattern over 6 or 7 months. Then an initial fall of a 25%. Then a 9 week Counter--trend (that can come in 1 or 2 weeks early or late, being 8weeks CT in this case). The current high has a clearer three subwaves up, but 1976 did a little dip along the way.

The INDU 1976 high at Week 8 ran a little over my 78.6% target to 83% to be specific, but I still call this on target given the wriggle room needed on weekly charts. The SPX is currently at 84% retrace!

The last bar on the 1976 CT was a big outside reversal bar. We don't have a reversal bar yet on current SPX.

Nevertheless, as bullish as everything feels, my SPX and earlier MQG chart patterns are still within targets and really similar to the Dow Jones in 1976. At least this somewhat validates my analysis of the recent SPX as a bearish pattern.

Many thanks Rhodes.

Current SPX reposted and then 1976 Dow Jones below.