MORAL OF THE STORY
The moral of the story is market fractals tell us it is in the realm of possibility the NASDAQ could rally for a period much longer than the human mind can easily comprehend and the magnitude of the gains could be extremely satisfying. If you have studied charts for years, the previous sentence is not really even debatable; it is the message from the present day charts.
PROBABILISTIC STATEMENTS BASED ON FACTS
We are simply making statements about the probability of good things happening relative to the probability of bad things happening over the next 5 to 20 years. If the facts in hand and charts change in a meaningful way, the assessment of the probabilities must be adjusted as well. We will continue to take it day by day, remaining open to all outcomes, from wildly bullish to painfully bearish.
YOU ARE OUT OF YOUR MIND
If we were working on Wall Street in 1990 and called a group of coworkers and clients into a conference room and said...
"The NASDAQ WILL gain 940% over the next nine years"
...you would have been laughed out of the room and told to get some help. And yet, that is exactly what happened between points E and F below. Skepticism is part of the early stages of a secular trend script. We are supposed to be skeptical with chart patterns like the one shown below. It is logical to be skeptical after the NASDAQ disappointed us for 16.66 years.