The Qs are forming a triangle, as well as a couple of other indexes. Given that the McClellan Oscillator closed today below zero on an otherwise up day, I suspect that this triangle will prove to be wave [b] of A for the current correction, which means it should break to the downside. Of course, an upside breakout would negate that view. The benefit for longs with a [b] wave is that we can expect some sort of rally into mid to late May if it proves to be one. We should know by tomorrow or Wednesday at the latest.
Oil continues to hold above support, and there is little reason to believe that it will not continue to consolidate for an eventual move above $90. However, gold and silver are probably near a turning point.
The next few weeks should prove to be volatile as the correction/consolidation unfolds.
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