On October 12, 2023, it was noted that a decline structure setup going into the last quarter of 2023 is similar to what occurred in 2018. A detailed review of the 1973 vs 2023 19 point chart posted on September 29, 2023 against the charts shown below revealed that Market Makers shifted away from the 1973 model to a 2018 chart structure starting in mid-March 2023, just prior to the start of interest rates moving higher in the 2nd quarter of 2023. A move up to 34,598 +/- 1% by October 18, 2023 is expected before starting a sharp decline.
Stock charts courtesy of StockCharts.com.
