Two simple charts to illustrate one simple thing, we've got more upside IMO. The charts are both of /ES Emini S&P 500. The top is weekly and the lower daily. You can see the channel drawn, but what I want you to see are the 25, 50 and 75% lines in the channel. I have drawn the 50% line blue to illustrate how many times it has come into play. Also notice the 25% line (the top line inside the channel) is in play at the the beginning and now it is being broken. To me this signifies the strength of this rally. The black 200sma and the current wedge formation appear headed for a crash with the (sorry not drawn) resistance line at the 943 top all at the same time the indicator trendlines on the daily charts must be broken (now they all can simply embed, but I don't think that is gonna happen). On the weekly indicators RSI will have topped out and this gives the STO signal line time to catch up. Looks to me like we run North in a slow consolidating manor (most likely forming some sort of sucker rally double top) till the 11th or 12th of May or third week then the correction occurs. The fibs for /ES off of a 943 top are 38% - 832, 50% 800 and 61.8% 768. I am expecting a quick violent move back to the 50% trendline at the 800 range before the next move up to top out at the top trendline to end P2 later this year.
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