The last week of March saw the bulls come back from being a bit on the run the week before. Monday saw the market make a new low and spiked below the 50 day MA. However the bulls quickly recovered and not only did they win back the 50 day MA on an intra-day basis but the market rallied the next 3 trading sessions. Only Friday saw the bulls give back a bit. Continuing our EWT (short) analysis, the larger 3 wave correction we were mentioning got the new lows and then rallied, as warned. The rally overlapped the 1st wave low, so unless the bears turn this into a nested move down, the current move should continue to new ATHs.
No real change on the weekly cycles, but an interesting fact - the mcm-MA provided support, just as it did on the daily when it was first tested. Directionality continues it’s move down and would be interesting to see how it behaves going forward.
An important development on the daily cycles: a bullish retrace (BR) support triggered at Monday’s low, adding weight to the assumption that the said low is important. Normally an END resistance higher is expected but for where that might show up we need to take a look at the shorter term cycles.
The 288 and 480min cycles
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