Winter is coming.
1. The -2 level of the Z-Score was a great buying zone during the dot-com bubble and GFC.
2. The market bottom that occurred in the 2022-2023 rate hike cycle also occurred at the -2 level.
3. In the upcoming winter (recession), the Z-score will touch the -2 level again, which will be a buy zone for wave 5 of the NDX.
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