The rally that I suspected was over is still in play and it rose above the 13,570 mark. This has eliminated one of the possible options to solve the current puzzle.
I still see 2 or 3 scenarios for a continued bear market. One is a triangle shaped rally. So far it looks like this is a possibility. If so, this rally still has some more headroom with a couple of more small legs to go. If it turns out to be a triangle... then once the triangle is complete the drop following it will be downward and relatively fast.
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