This post appeared earlier this week on RealMoney. Click here for a free trial, and enjoy incisive commentary all day, every day.As we enter the second half of 2011, let us take a look at where we are on a long-term technical basis and try to ascertain what may lie down the road. To do so, we need to work downward from the very long-term studies. Much of this has been published before, but it bears repetition. Way back in 1984, I wrote about the long-term cycles in a piece called "The Super Bull Scenario." Those thoughts and projections still seem to be holding true today. On the first chart, below, we are seeing the Dow Industrials going back over 40 years
But that is still a very long-term look. Let's move in closer and see where we are within that broad pattern. On the chart below, we are seeing the last year of Dow Industrials trading, depicted on an Equivolume basis.