Multiple forecasting cycles that I use have been heading down for the majority of February. The 12 year cycle, 1 year and 6 month cycles are all persisting lower. However, prices have continued to drift up against these cycles. In the past when prices have diverged against these cycles the result is usually a rapid "catch up" to the cycle bottom where a crash is the result. The same thing happened last summer with the August crash. I think there is a very strong chance of a pending crash in equities. The 1 year cycle just turned lower again on February 15th. Here is the 1 year cycle (blue) vs. the Dow (black).