The March correction had come on schedule and could had run its course already with the Ides of March mini-panic. Retesting of the March 16th low is likely, but the worse near-term scenario I am expecting now is marginal new low around 1240, where the 62% retracement of the prior same-degree upward move is, with divergences showing up on the oscillators.
Dollar has just suffered a major breakdown and should not undertake any major rally until finds its support around 70-71 where it becomes a conundrum to watch. There are plenty of dollar charts in my list so I will save some server space here.
Oil has become a loose cannon thanks to the Middle-East turmoil, but the safe bet is that it will reach $147 sometime this year.
Natural gas is interesting and appears to be at the beginning of an uptrend (again, plenty charts in my charts list).
There are some obvious headwinds but markets have been behaving remarkably well. The cyclical bull market that commenced 2 years ago remains in force and appears to have still few power bars left.
The pattern of ABC wave apparent in 1970s cyclical bulls is being followed quite faithfully. If that continues, the top should not arrive until September/October of this year.
The favorable seasonality and monetary stimulus should continue to propel this market higher until the end of May, but a serious correction may not begin in earnest until July, with expectations for the small caps to underperform significantly after May.