I think for purposes of clarity...
...we really have to ask what time frame we are thinking about when making forecasts since different time frames result in different answers. My view is based a technical analysis of the charts and we don't have a very clear picture right now. There is no trend in place and its difficult to forecast the direction of the next breakout, which I think is imminent. The weekly chart is bearish, the daily chart is bullish, and the hourly chart is neutral. Sentiment indicators are neutral. That's where we stand.
I do recall the last time most posters were bullish, the market sold off but it wasn't the beginning of a trend.
Chico
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