Beware the Dow reversal right now.

Todays AM move down is ready for a reversal.  The only question, will it be a small a-b-c or will it be the start of one final push to a new all time high into the final weeks of April which set us up for a massive walk away in May.

I don't know the answer but I covered my shorts for a nice gain today and am looking for signs of the next move.  I think the markets, as evidenced by so many momo players in the NASDAQ, is mortally wounded but an wounded animal this powerful does not just die easily.  It has survived many other times and hope is high that it will survive again.  If only it weren't for the waves which are saying this bull is very near end of life...

The most bearish thing that could happen would be one final 5 wave movement that does a throwover (perhaps bigger than shown below) and then comes pounding back down into the channel with a big gap and high volume.  That would be your "end of 2009 bull market" kicker.  Again, we are in no man's land right here until I see the next move.