We've seen a correction retracing over 61.8% of the prior uptrend. Does this signal a bear market? Not necessarily. Early bull markets can see deep corrections, but as long as the 61.8% level holds, the bull market is still going, just not at full strength.
Look closer at the chart. In the past, many were trapped selling below this support, expecting a downturn, only to be proven wrong when the market surged.
We're in a similar spot now. I'm cautiously optimistic. A move above 61.8% would be the final confirmation. Then, expect the bull to roar back to life.
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