In order to confirm an intermediate cycle low, price has to break the intermediate down trend line and get technical traders long. You can see that requirement was met back in October and will be met again this time.
The problem for the bears is that it will mean the market rallies above 2075. If price gets that close to the all-time highs I expect it will continue higher to test or break them.
If price makes new all-time highs then the 7-year cycle low is complete and a brand new 7-year cycle has begun.
Another problem for the bears is that this intermediate cycle is only 3 weeks and one day old. Even bear market rallies usually last 8-10 weeks. So with potentially 5-7 weeks left I find it hard to believe we aren’t goiung to test the all-time highs.
I think the real potential is in biotech which could mirror the crash phase on the way back up and test the 70 or even 80 level over the next couple of months.