2019 rally has a similar structure to the period from 2003-2009. At a fib zone right now and testing this megaphone pattern. Interesting pattern to keep at eye on the target would be the gap from NOV 2016 when Trump was elected. As the rally from his election was largely based on the earnings boost from the corporate tax cuts it would make sense if the market starts pricing in Trump losing in 2020 we could test this previous breakout area. Which may be the case with the impeachment trial starting. There has also been zero earnings growth for the S&P in 2019 and we are still in a downwards trend of earnings revisions. 2019 Q4 earnings are expected to be -2% compared to estimates in September of +2.5%. So if earnings growth does not start turning positive it could support a large correction.