I say sorry because I realize it is out of style in the midst of manic impulsiveness to drag out the dour old fuddy duddy stuff yet again. But the GSR is not broken, therefore the deflationary impulse scenario is not broken. Prechter is not broken for that matter.
Would-be bears must realize that these manic upswings are part of the package when you are betting against powerful greed. It is also part of the package in the making of a top; and it is volatile in both directions.
If the bulls break the GSR down, break the VIX down and manage to put the put/call ratios happily to sleep once again, we will go back into suspended animation mode. But that has not happened yet. We are simply reacting to the running of the manic idiots last week.