The correction in the Dow was largely sideways in dollars, but in terms of Euro, we achieved the 27 week correction bottoming the week of 09/04 and we have already elected TWO Weekly Bullish Reversals in Euro. This is what we have been warning about. Once we get past the German election and Catalonia, there is a clear shift in capital flows as Merkel fell to 32.5% when even Hitler took power in 1933 with 43.9% of the popular vote. The German system which allows for coalition governments has always allowed a leader to take power with less than the majority vote. Unfortunately this time, Merkel is ruling Europe with only 32.5% of the popular vote in Germany. The Panic Cycle for this week has materialized on target, but it is to the upside because of the currency influence right now. The Reversals will keep us on the right side of the market and we are nearing the resistance area at the top of the channel. Right now, it will take a closing beneath 22200 to create a short-term correction. Resistance stands at 22580 and 22916 with support at 22213. If we see a test of the 23000 level on the 3rd or 4th, this can be a temp high.