This uptrend gives us some hope, that the bear market is over. Unfortunately, there is still no visible HH-HL-HH pattern and therefore the buy signal cannot be generated.
The weekly chart shows us how deep we have fallen from the top (ca.-70%):
Unfortunately, technical analysis does not provide us reliable way to forecast where or when the bear market will end. Therefore, we need to observe market continuously.
Jim Kane published US market analysis with quite memorable phrase by (here):
"INDU at what did they say, a 12-year low, and they are arguing we are in a bull market? Uh-huh, pass me the crack pipe when you are done..."
Sources:
[http://www.kanetrading.com/d_comm/d_comm1/d_comm2/d_comm.html]
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