But he also said, bullish scenario preferred than bear market
The Bullish Scenario (Preferred) suggests Wave-5 is still underway, and the bulls shall be treated to subdividing and extending waves headed for new all-time highs.
Yep,
and I agree with him there, but he presents the bearish alternative case for a good reason: it's a very real possibility. It can't be ruled out until we see new yearly highs, at least.
The more people who believe another bubble is a sure thing, the more nervous I get.