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Preceded by historic all-time highs , and fast approaching a rather rapid 61.8% retracement the from their recent January lows, a furious V-shaped recovery rally in the stock market (as represented here by the Dow) appears poised to do just that, and quite possibly a whole lot more.
The massive V-shape rally launched from the February low appears impulsive, suggesting that odds favor some level of follow-thru going forward.
So long as the February low holds, upon further backing and filling, any sustained trade and closes north of 16,114 and/or especially the 16,318 level, will greatly increase odds for fresh all-time record highs.
The three-wave corrective nature of the initial move down (circled) from the top in question, is problematic for the bears. Thereafter, a sudden, all-at-once, quintessentially orchestrated decline found big support following temporary breach of the large mid-channel support line noted.
Given that the turn-date highlighted on 12-30-13 anticipated a satisfactorily accurate proximity of the top in question, we suspect the turn-date slated for 2-24-14 may mark another such high/low pivot marker.
Until Next Time,
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