The beginning of the end, or the end of correction?

I was scouring for past charts where SPY/ES behaved similar to what we are seeing now, and here's the closest match that I came up with:

SPY around Feb/07:
http://bit.ly/a029Sh

SPY today:


commonalities of current SPY with feb/07:
- 6months run-up prior
- broke below 50d MA/EMA but stayed above 200SMA during the correction
- initial move, followed by a few days of retrace that stayed below 50dMA
- high volume hammer reversal

I recognize that I am building up a bullish bias here, which is why I seek some more objective feedback and comments from all......