Weird market today, full of divergences from normal trends. Dow down, S&P up. Interest rates sharply lower but dollar sharply higher.
Optimistic count below.
Alternate count is the wave label as 1 is wave [I] and now in wave [II] which would last years. Because it last years, there are many layman’s versions of bull market 
He thinks is a bear market rally. If it is, usually reverse when it retraces 61.8% of the downtrend i.e. reverses around 4312… marks this number. Hopefully, he is not thinking about my alternate count… can go as low as 2200 
In short, we can be bullish but keep in mind the bearish possibility.
An amateur thinks is a bull market.
We’re so far removed from eurphoria though. Sentiment has been at rock bottom for almost a year. That means we should be at disbelief.
Chicken Genius thinks is a bear market rally.
Growth stocks proxy by ARKK appears to be in disbelief phase. ARKK pierces above 40-week EMA (potentially in stage 2).
How on earth does he explain the why market sentiment has been so low for so long?
.
He ignores all indicators and uses “Don’t fight the Fed” principle solely. For a new bull market to start, his indicator is Fed pivots i.e. announces a rate reduction.
Golden cross (50-day SMA above 200-day SMA), price above 200-day SMA (in stage 2)/ 50-day SMA, higher high higher low >> S&P in a new bull market from Oct 12, 2022.
Oliver Kell, 2020 US Investing Champion, is actively tweeting again >> bullish signal
The other US Investing Champion, Mark Minervini, has been bullish since Jan 13.
Correct.
Big funds/investors account next 3-5 years economic issue and move money (Trillions/Multi-billions) from stocks to safe investment 10 year bond (Demand increases for 10y reduces yield).
When stock market is heavily corrected, the same big funds/investors feel stocks are attractively priced low, then move the money from bonds to stocks (Demand reduces for 10y increases yield).
This is very basic equation of a stock market!
Now, people understand why FED is keeping quiet until end of year!!
This is again my 2 cents, no interest to update any more. Good Luck.
7% decline is still a bull market.
2 cents: Watch Market turns bullish from here, 100% in market by end of day today!
Wait are you bullish now?