Today's reversal in the stock indexes suggests that the rally that began on June 16 has further to go. While I had given up on the triangle pattern, the SP500 still has a chance. Is this wave d up? It will take up to 3 or 4 weeks more to find out, but we are getting closer to some sort of resolution every day.
Oil also staged a comeback in the face of an announcement that oil reserves would be tapped. Was this a buy the bad news event? It sure seems that way at the moment.
The only way for the bears to take back control is an immediate and devastating reversal from the open of trade tomorrow. Otherwise the rally is on - for now.
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