Markets have retested the March 2 lows this morning. There is a slight chance, though unlikely, that this retest will be successful and end the correction. However, the more likely scenario is that the current retracement is a small degree 2nd wave to be followed by more intense selling tomorrow toward the previously cited target zones. If this does not develop, then today's action may have completed wave (b) of [b] of a triangle that is still in progress which means more sideways action before wave [c] down.
One thing we do know is that the bullish triangle interpretation that many have counted on has been invalidated by today's action, and unless the markets rally directly from here, there will be more downside to complete the correction.
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