Last updated May 20, 2019
The corrective bounce has most likely ended, as price is back below its declining 200d SMA with the 50d and 20d SMAs now also below it. Bear market setup. The daily A.I. gave a buy cross and therefore supports the notion of a larger bounce first before price will head lower. A move and close above the 200d SMA must of course be considered Bullish and may require me to change my POV. Until then, Bearish it is.
Longer term the advance off the 2009 low counts best as having completed 5 waves up. This is either wave-1 or wave-A s both 1st and A-waves can move in five waves. We simple don’t know yet, and thus now wave-2 or B is underway, to be followed by wave-3 or C. Time will tell.