Needless to say we are in an uptrend, but the question is this a bear market rally or a new bull market. I happen to think it is a bear market rally. This entire structure looks as if it is forming a flat for a 4th wave of greater degree. Why this is a bear market rally is because there have been many overlapping waves suggesting of zigzags in this run up so far. My wave labelled Y is a double zigzag
. The first wave in the rally W is a flat, this last wave Z will most likely form a zigzag
. If W equals Z, we could be seeing a retest of ATHs before the whole thing comes crashing down. Also, there is no divergence at the bottom and VIX
>50 has not occurred which almost always follows a major correction like the one we experienced Oct-Dec. Also, the rate which we are going up since the bottom is almost unheard of. Finally the move off the lows was not impuslive. This bear market rally reminds me of the 03-08' correction where we just went straight up with little to no pullback. The final structure once we retest lows could be a ABC
flat or WXY flat, we'll have to see once we get there.