I think both are important, but prior tops of significance have a slightly stronger "imprint", the 8/22 top (1426) also served as a barrier just prior to the last run to 1520. Last, when the model reflashed the sell when we got to 1520, the "projected" down move was between 100 to 150 Naz points (thus my suggestion on 11/24 that the decline would be stopped at 1378 about 150 naz points, wrong again, I even thought that the 8/22 top at 1426 would serve as a barrier), the 11/11 bottom would have put this move beyond 200 Naz points which at least, late in November, did not "seem" to be warranted.
Zeev
