Upside action must be over now
Today's positive price action was surprising but not unfamiliar.
The high extended beyond our range, exceeding 75% retracement, which is somewhat rare.
We maintain the position that when the upwards retraction is over, the market will head lower to 1,500.
A daily close above 1,602 would invalidate our scenario.
Any further gains would indicate the Uptrend is still intact and/or the Downtrend/Correction has already ended. IMO the "correction" isn't over but we may be in for that "sell in May, and go away" psychology. It's very difficult to be long or short now. #FirstWorldProblems.
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