As indicated in the post, Watching the 125 SMA, only if that support is broken will I switch to the bearish scenarios and assume that September was the terminal wave up. Fall Bearish Scenario. That support could be broken, but so far it has not been broken so I continue to err on the side of continued bull market. If it does break, I will be pondering the near term Bear Scenarios.
On the longer term chart, the market has also so far held the green support line that I have been watching. Here is the current chart:
So long as these areas hold, the bull market continues to live and the September wave up was not the terminal wave. If, on the other hand, we break these areas, that would bring out the bearish scenarios and make this very likely the end of the wave up from 2012. I would become intermediate term bearish if that were to happen. This is a very important level that we have presently bounced off in the market.
There is always a bear path and a bull path. We cannot know which path our future will choose. As always, do your own due diligence, read the disclaimer, and make your own investment decisions.
Peace, Om,
SoulJester
