There is a least a 50/50 chance in my view that the price high is in and the next leg down, the dreaded "C" wave has begun.

I know the long term technicals, from a historic perspective, look bullish, but so did the Shanghai at it's recent top. Only a move above the September highs will prove this outlook wrong, and reinforce the longer term bullish case. That is the clear line in the sand.

Earlier this year it was the bears who missed the boat. Have the tables turned tonight?

(I had a really nice picture to illustrate this from David Barath but I can't get it to paste and I'm out of time)