SPDR S&P 500 (SPY)

[gdl]

Typical "V" shaped recovery off trend line. Everyone saw 1800 on SPX and the market (so far) obliged.

If pattern of other recoveries hold true there should be one more fake out drop that none the less does not reach 1800's again. It should happen much higher than where we are.

If the pattern hold true I would wait for the next drop to see if it holds. if it does it's off to the races.

I know most have concluded we are now in a long term bear. Until the fundamentals catch up to that conclusion I assume the move is corrective.