The McClellan Oscillator has reached down to its recent low of May 23. The % stocks above the 50ma has reached oversold levels. The 5 day average of the Trin hit 2.23 today. The SP500 almost hit the high of the March low day today. The range of the March low day would be a common reversal zone. A bounce to the 50ema is probably not far away. However, before this correction is over I think the market will touch its 200ema - currently at 1262, but if it continues to rise at the current rate it will be around 1275 to 1280 by the end of June.
Still looking for a low around June 12 to 15 after another bounce. Then we will see if this is really a triangle.
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