At the rate the SP500 is soaring we will be in the stratosphere before too long. Of course, investors will freeze to death long before this can ever happen. The VIX hasn’t crashed, but has joined the SP500 for this rally. If the bears attack stocks again, then the VIX could keep right on going north for much longer.
When a new vertical high is forming, I look for another potential reversal to be setting up. A bull market correction would have its downside limit, but must establish a low, from which another leg up would have to develop. Just incase a much bigger degree correction is lurking inside the crystal ball, all the support prices we can invent, will never hold.
At a minimum a good sizable correction will go “off” the charts heading south not north.