Tom McClellan and the Ratio-Adjusted Summation Index
Tom McClellan has written an article in support of the continuation of the rally which has technical significance. He suggests that the current move in the ratio-adjusted summation index above +500 indicates that the rally will continue, and that the top of the rally will probably occur with a lower high in the RASI below +500. If this is correct, we might be looking for a negative divergence developing in February or March as an indication of a top for wave (X). See http://www.mcoscillator.com/learning_center/weekly_chart/rasi_above_500_says_bull_market_not_done/.