Since our last update, the epic Bull channel which lasted for 15 straight months finally came to an end. This was the longest channel in the history of the S&P. Since this rally was so climatic, Bulls will have likely have regroup for at least a few more months before they make a new high. However, chances are they will likely have another rally in their bones before the 9 year Bull market comes to an end. So for now, the chance of this turning straight into a bear market are less than 25%.