Despite the recent moves, the S&P 500 bull market remains strong, says Ron Meisels at Phases & Cycles.

Written just prior to yesterday’s selloff in equities, Meisels expectation was always for a correction in what he says was an overbought market. He thinks, however, that the correction will be followed by more all-time highs later this year during the last and final move of the current bull market.

As such, Meisels says this is a time for perspective and for keeping a focus on the bigger picture; the uptrend remains in place until the index carves out a clear pattern of lower highs and lower lows.

Read the full report.