As mentioned on the opposing page, the Dow Jones Industrial Average appears to be setting a long-term peak. Our weekly CPO indicates an extended downturn beginning in March and extending through the end of the summer before bottoming out in September. However, a longer-term and much deeper downturn is indicated on the monthly chart (see "Dow approaching top"). As you can see in the first monthly CPO chart, which was created shortly after the August 2015 correction, the CPO was already anticipating a major Dow top to occur followed by a cyclical downturn in the first half of 2017. The CPO showed the Dow rallying into 2017.
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