bring back the biff tuesday, page-60

Evening folks.

Well, the market continues higher, despite predictions of a pullback, and finished on the high for the day today, at 5081...50 points up since the weekend.

Taking a bit of a closer look at the trendlines around the current price movement, I see price has actually moved into a steeper channel, which has emerged out of the channel dating back to the November 16th low. Even the pause and break of the old April 11th, 2011 high at 4977 is contained within this newer channel.

For a confirmed break of this channel, price would have to break below about 5010 (circled in red), and out of the older channel, the old April 2011 high of 4977 which intersects the old channel lower boundary.

While the market remains above those levels, it remains in a bullish trend, no? .i.e. not a pullback, not a correction, not a trend break.

I have (fib) correction levels based on the advance since the November 16th low to 5081 as:

10% @ 5007
20% @ 4932
38.2% @ 4796

So the market can give up 10% of its 3 month gain and remain within its bullish trend.

I know the smoothness of this run is extremely unusual, but I dont see anything compelling me to think that its falling over just yet.

Cheers, Sharks.