Monthly candle stick price action continues to be bullish. At the moment price is too far away from the 10MA so we could see a minor correction near term. As far as a long term correction or major top is concerned, I don't see one.On this chart you can see that there's was plenty warning of a top in the late '90s , 2007 and a smaller divergence top in 2010. In 2011 we had a minor Trix divergence and candle stick reversal pattern. When there's no large divergences on monthly charts, more often then not corrections are short lived especially with indexes. Sell in May and go away doesn't always work . Seasonality implies that price will fall or rise because the calendar says so. I rather follow a chart rather then a calendar, that's my personal opinion.
if SPY closes above current CLONE by the end of May, the next target is top of next CLONE.
