I failed to note that early March was my 1st short to medium term buy signal of the year. At that time I added a comment to that post of a brief rally thinking a retest lower (and trigger the buy signal) would occur which it didn't happen. Only difference was that the this past week's correction has been more deep resulting in the major indexes to finally retouch their 50 day moving average (only the NDX, Nasdaq 100, is still +1.5% above its 50dma.) So what now? The setup is there for at least a short term bounce if not a medium term move higher. The chart included is what I'm anticipating... a brief rally and then move down back toward today's low and possibly lower before getting A bottom. That's the scenario I'm looking at. Of course there are the best and worst case scenarios but those are the extreme ends of the bell curve.
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