You mean there have only been 13 exhaustion gaps since the early part of the last century, and three of them were part of the same series? They must be extremely rare and pretty unusual. I would have guessed they were rather common, judging by how often they get mentioned. Perhaps Dr Hussmann picked some kind of unusual conditions to define an exhaustion gap? 4/30/17
His conditions were:the opening level of the S&P 500 was at least 0.5% above the prior day’s closing price, and the S&P 500 was within 2% of an all-time high AND/OR ll days where the daily low of the Dow Industrials was at least 0.25% above the prior day’s close, the Dow was within 2% of an all-time high, the Shiller P/E was above 18, and advisory bullishness was greater than 50% 4/30/17
Perhaps Dr Hussmann picked some kind of unusual conditions to define an exhaustion gap? 4/30/17