Tuesday, March 29, 2011

Constructive Action For The Bulls

The bears just can't seem to get things going in their direction for very long.  Today's action was very constructive for the bulls.  However, it still doesn't rule out any of the potential corrective patterns.  Today the SP500 closed back above its median line.  If it holds this level, we would expect an assault on the February high at 1344.  We could then still see a flat, expanded flat, triangle or running triangle corrective pattern.  Or minor wave 5 or minute wave iii could now already be underway.  No matter what, unless the market caves tomorrow the near term outlook is up.

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