Probably the most satisfying way to label the rise since 2009 is a double zigzag. Each zigzag has its own channeling characteristics and each zigzag "kicked off" with a rare Zweig Breadth Thrust event. The entire rise - albeit a bitch to count - still is very satisfying as a large corrective event. And a corrective event of this size means bottom line its all bullshit and ripe to come unglued in historic fashion.
And just look how total volume has dropped steadily since the market low in 2009. This is bearish.
Still, we are awaiting a solid break of the red ellipse to confirm a trend change.
Sentiment Trader. The Rydex bull/bear ratio is showing an extreme bet on further upside.