it is very difficult to foresee how the market will react. We are in a correction process, but this correction process can go either way.
Until 4762, we may consider the situation as a correction. bellow, it may be very much a reversal.
At the present time, ECB's has no effect on the market.
Tensions about Greece are rising since the Greek Prime Minister is making some worrying comment.
On the other hand, we are about to come to the phase we"re traders sells in May and Come back in September. For me, the good entrance may be very much Mid August. Having said that September may also be a time where FED decide to increase its interest rate, but I do not think that 3Q15 is a realistic timing, 1Q16 may be very much the moment. To be seen.