Sentiment, that is not my preferred phasing, but it is a definite possiblity and an alternative phasing. The strength of that view is that several of the component indices for the SPX appear to have made a major bottom in Jan. 08, and now would be a good time for a 9M bottom for them. The key is to watch what happens in November. A powerful upmove that meets upside targets on the larger cycles with right translated shorter cycles would suggest this alternative. On the other hand, failed upside targets, exceeded downside targets and left translated cycles will indicate the 9M is still out there.
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