The 4-year cycle in U.S. equities appears to be back in sync after dislocations surrounding the crash of 2008-2009. This suggests an important bottom in early 2020 or thereabouts. Next important top: Late 2018?

Caution. We don’t use cycles in isolation of other factors. But there’s no reason to exclude the dimension of time from market analysis. The 4-year cycle provides a working hypothesis, to be supported or refuted by other evidence.