Continuing a series.

The 1946 top doesn't get the attention of 1929, and admittedly was taken out about 4 years later. But at the time was nothing to sneeze at with -25% and 4 years before coming back to even. I find the historical context also interesting - global war over, Depression over, USA on top, and yet market rallies less than a year after the end of WWII and then stops cold?

Quarterly chart gives Bollinger band divergence high with RSI overbought, OK - let's keep in mind this occurred many times after 1946.

Failing to sustain above the previous 1936 high seems to have been a factor in the drop.

Monthly chart shows the Bollinger band and RSI divergence more clearly.

Weekly long term pivots chart shows rejection of YR1 and subsequent break of 2HP. The lows that mattered in 1948 and 1949 were on YS1s FWIW.

Sum - totally different top than the blowoff 1929. This was really a test of a high in a range which failed. It is easy in hindsight to say Bollinger band and RSI divergence, but that happens many times without a subsequent drop. It is a combination of factors on quarterly, monthly and pivots that can help identify this as a major top.