If you look at the indicators on that chart, the MACD and CCI especially, they line up well with July/August 2003. The NDX did a 3-wave drop to 1204, similar to the proposed drop to NDX 1532-1542. <A HREF="http://stockcharts.com/def/servlet/SC.web?c=$NDX,uu[e,a]daclyiay[d20030401,20031031][pc9!c13!c20!d20,2!c50!c200!b50!b200!f][vc60][iLa12,26,9!Lh5,5!Li10,10!Lp14,3,3!Ll14!Lo14!Lb14!Le5,10,1!Lh89,34!Lh45,17!Li180,68!Lp3,2,2!Lb5][J34213695,Y]&pref=G" target="_blank">http://stockcharts.com/def/servlet/SC.web?c=$NDX,uu[e,a]daclyiay[d20030401,20031031][pc9!c13!c20!d20...</A> The SPX also had a 3-wave drop to 960 during that time, which would line up with a drop to slightly below 1200 SPX here.