There has been some talk recently comparing this pullback and the pullback in 1998. Some good posts on this have been by Doc Barter and Fearless and Volar. And I am also going to throw in an interesting observation made by HighRev that feeds into the comparison below. I decided to take a look and I was also struck by a large number of similarities.
So we are at a very interesting confirmation point right now. A break up of the small range at the top of the large range will be a very strong support of the comparison thesis.
Now I am sure that I will get a bunch of comments talking about my 'bias'/'loss of objectivity' like I had in this post: Revisiting the Large Count. But if you read this post in its entirety, you will understand where I am coming from.
I have pointed out a number of evidences in the past several months as to why the May top is likely not 'the' top. Yet am I not being permabullish. I am simply in no hurry to call the end of this cyclical bull market complete. And with all of the bearishness out there, my contrarian spidey-sense makes it seem like this whole mini-panic in Aug/Oct is a correction to be bought in the bigger scheme of things.