SPX Monthly Candles Since 1929, RSI, 50 Month MA and Pitchfork
The top of the pitchfork serves as all time resistance and failed in 1929. Center line of the pitchfork served as resistance during the 1970's and oil crises which rejected it. The froth leading up to the .Com bust was defined by passing the center line of the pitchfork, after which the SPX grew for three years before the crash. The crash was defined as a prolonged occurrence in which the 2008 housing crises was subsumed, as the periods are defined by the time elapsed between the occasions the price departs from, and eventually finds, the pitchfork support line at RSI values below 30. Those cycles consistently last ~40 years. This is all evidence the SPX could be expected to grow and test the 3/4 line of the pitchfork as was done during the .Com bust, around the red target zone before rejection and eventually testing the support line of the fork around 2039 at which time the RSI will have passed below 30.
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