10. Where Are We Now?

As discussed in earlier chapters, the most recent major market bottom began forming in the fourth quarter of 2008 and was finalized with the establishment of the March 2009 low. The subsequent bull market, which evolved from that low, remains in force as of this writing in February 2011 and, at present, there is a lack of evidence indicating a major top is close at hand. Before discussing why a continued primary uptrend in the stock market appears likely in the months ahead, we first examine the life of the bull market thus far.

The Bull Market

As the major market indexes embarked on a sustained primary uptrend following the establishment of the final low in the 2008–2009 major market bottom, Lowry’s measures of the intermediate-term ...

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