Long term uptrend is still in place (just), we broke the short term downtrend. The question however is whether the uptrend will resume momentum to challenge previous lower highs and the ultimately the all time high.
Balancing act right now. A failure at this lofty level could inflict some pain to the down side. Play the long until it breaks, but be aware of the mounting risk. Bulls always climbs a wall of worry, and this is a big one.
Be careful in taking new long positions. Bulls had an incredible rally, but for me it's time to be cautious. I have mentioned this before and I maintain this position. Time for consolidation is overdue.
I must admit that this rally extended further than I anticipated. So much so that I had to make an adjustment to the red trend line. ALSI have run into resistance, and a pullback is overdue in my opinion.