One of my favorite religion (or mythology if that’s how you roll) based quotes goes something like:

Don’t believe in the devil? You should… he believes in you.

From my vantage point, the same goes with technical analysis in the financial markets:

Don’t believe in technical analysis? You should, it, and thousands of it’s followers, believes in you.

From an equity appreciation standpoint the key takeaway would be, aside from the obvious fact that markets can trade sideways for about as long as it takes we humans to go from wearing diapers to becoming high school graduates, is that just how severely overbought the markets were in the late 1920s and the late 1990s.

Obviously, booms & busts of these magnitudes takes longer amounts of time to correct themselves, and adds further support to the stock market supercycle thesis supported by many long time trading vets.

Image Source & Credit
Chris Kimble
Kimble Charting Solutions Blog
Approaching 20 & 70-year resistance levels… Dow Jones Industrial