A couple of months ago I discussed what I thought were valid mini and minor examples of George Linday's three peaks and a domed house formation.
The depth of the October-November drop in my opinion invalidates both those formations. Moreover, while there are potential major formations shaping up in the Dow and the S&P, I don't yet have enough confidence in either to say more about that situation just yet.
However I think the weekly bar chart of the Russell 2000 ETF you see above this post is worth attention. There is a very clearly define, major three peaks visible which developed during the February-October 2007 time frame and the October-November drop is a clearly visible separating decline which I believe ended at point 10.
The low which I think will form this week or early next should then be point 14. In Linday's theory the normal expectation is for point 25 to develop about 7 months and 10 days after point 14. In this case the time measurement would predict a market top for mid-July, 2008.