Today's decline stopped right on an Up Channel line coming up from the March 6th lows. The rally that followed, into today's close, then triggered a fresh Blue Wave Buy Signal on the 240 minute (4 hour) chart below:
While prices are contained in this channel, expect the rally to continue. A fall from grace out of the channel would have very negative connotations.
Below is a picture of both the previous Down Channel and it's giving way to this new Up Channel at the beginning of March. Those printed prices on the chart are Blue Wave Buys and Sells.
Charts aren't for everyone, but for me, they are an essential map for all time frames. Tonight's 240 minute S&P chart, with EW, BW and the Up & Down Channels, is an excellent example of how these tools can all come together to point the trader in the right direction and maybe more importantly, provide an alert when prices act contrary to existing trends.