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| Courtesy of dshort.com |
Are we at the top? There are indicators that say we are close but we are not there yet. One of those indicators is the Advance Decline Line (ADL) which has been making new highs. Usually the ADL will form a top about 3-6 months earlier than the stock market. That has not happened yet. So keep watching it carefully.
Another indicator is the Zweig Breadth Thrust (ZBT). The ZBT last happened in November 2016. The ZBT has a history of making "average gains" of 24.6% over an "average" of 11 months from the last ZBT. That would bring us to approximately October 2017.
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