I think the main event that took place last week for the US equity indices was that the 50% extension of the channel in the New York Composite held. The low last week is a good candidate for a wave (iv) low and now looking for a rise for the next month at a minimum if not into the summer. I'd like to see a new high but I can live with a truncation or intermarket divergences. This week, the goal is to not give up much of the gain from last Friday and attack the April high.
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