TSX Dec 2 2014hxd dec 2 2014

In EW terms we now have overlap which means that this 3-wave counter-trend move up ( a correction in a bear market) can no longer morph into a 5-wave move. It could still become a more complex correction but given that it had already retraced 76% or so, this is highly unlikely. The HXD (inverse and leveraged 2 to 1) displays a very nice wedge c-wave and the and MACD do NOT make new extremes.  On the basis of this evidence one cannot come to any other conclusion than that the long awaited bear market has, in fact, started. At least here in Toronto. Time will tell.