The recent forecast for a high on April 15 looked good as the Dow stalled out the next day and then dropped almost 280 points on April 17. But according to the forecast for the next low the "tax-day top" was supposed to precede a decline into late last week. Instead, the market has rallied from the low on April 17.

Despite the single-date forecasts generated by my Hybrid-Lindsay approach it is important to remember there is a window of time surrounding these forecasts. Always allow at least one week (and occasionally two) on either side of the forecast date. Once we reach that time period (as we are now) we begin looking for signs of a reversal.

There is a cluster of cycles converging during Wednesday through Friday of this week. As they are within five trading days of last week's forecast for a low it is quite possible that the market will see the expected bottom then.

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