Bear Market Scenario Update

Just an update on the Bear Scenario based upon the 113.5 extension of the 2007-09 wave down that we have been trading off this week.  I have not mentioned the bear scenario for a while and usually only when discussing how the November 2012 low would need to break before I dreamt the big bear dream. As we are in wait and see mode (at the 20 period moving average area in the major indexes), I thought this weekend would be a decent time to update given the Fibonacci extension.
Here is the chart:

As you can see, we do have potential large term resistance in this area with both the 113.5 Fibonacci extension and the large channel. If this is a bull wave it can eat that resistance up.  However, the pattern is here, so I track it knowing that nobody knows the future. Interestingly, if we did a wave equal to the 2007-2009 wave down from here to complete the ABC flat, it would end in October 2014, which is the time period most of the long term cycles have been calling for a deflationary low.
I do not post this to get people excited, but merely to point out that there is very long term resistance and a pattern that leads back to the March 2009 lows (or lower) and the 2014 cycle lows.  Again, the key test would be what I am tracking, which is a potential test of the November 2012 lows where the bear and bull debate should finally be resolved. 
Peace. Om.,
SoulJester