The stock market, after rallying from December lows, is at yet another inflection point

In fall 2018, when I was warning about a 20%-30% correction I foresaw in the stock market, I also warned that within that “correction,” the market could make a new all-time high.

It may still do so, with this week giving us indications regarding those probabilities. Allow me to explain.

Over the past few weeks, as stocks have been approaching my target for this b-wave rally, my expectation was that the S&P 500 Index SPX, +0.10% was going to top out in the 2,865-2,885-point region and turn down for the c-wave. However, the manner in which stocks have risen to this target suggests that this rally may have more legs to it than I initially expected in February, when I set this target.

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