Stocks are looking to take a breather after a 5 wave rally from the bottom. Most likely in either that yellow line pattern or that purple line pattern. This pullback should shake out most of the current buyers from the market before continuing up in wave 3.
Keep in mind there are other possible scenarios which are bearish but right now I'm sticking with this bullish scenario until the market shows me otherwise. The upcoming pullback should not break below the March lows for the bullish scenario to stay in tact.
Keep in mind there are other possible scenarios which are bearish but right now I'm sticking with this bullish scenario until the market shows me otherwise. The upcoming pullback should not break below the March lows for the bullish scenario to stay in tact.