A detailed review of the January 4, 2022 to October 13, 2022 and January 11, 1973 to August 22, 1973 charts (shown below) revealed chart structural movements of both time frames were similar. It appeared that Market Makers were repeating the basic chart structure of 1973 in 2022 on a larger scale. There was some variation between the October 13, 2022 to June 30, 2023 time frame and the August 22, 1973 to October 29, 1973 time frame, but both ended with two peak trading days before the end of October 1973 and June 2023. Based on the current Fibonacci structure, a market optimism reading of 80/100 on the CNN Fear & Greed index, and accumulation of US Dollars, a decline following the 1973 chart structure would be expected during the last half of 2023.
Stock charts courtesy of StockCharts.com.
