"The 18 Year Cycle" - S&P Adjusted For Business Revenues Means The 666 Lows Are Just The First Stop

Sean Corrigan's weekly "Material Evidence" is always a must read. In his latest edition, the uber-eloquent Brit puts simplistically worded Fed bashing to shame with an anti-Fed manifesto masterpiece that is off the charts on the Flesch-Kincaid reading level.  While we will post the full piece shortly, we wanted to bring attention to one particular chart which has not received any prominence in the past, namely the S&P adjusted for business revenues, which appears to have an 18 year periodicity, and whose mean reversion implies that we are only half way through the correction phase. In other words when all is said and done, when the Fed's POMO gun is finally out of bullets, Albert Edwards' and Nic Lenoir's S&P targets of ~400 will be spot on.