Is the Correction Over?

Zacks

The chart below seems to tell a very clear story. That of a stock market in a long term uptrend that had a healthy correction starting late June. So after a few week trip under the 50 day moving average it broke back above on Friday. And Monday it is extending those gains. 

So which of the following is true? 

1) The correction is over and stocks ready to head higher. 

2) The correction is not over. Will head back under 50 day moving average shortly. 

Please share your answer along with full rationale. 

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