I've concluded every turn up since 72 has been a head fake to put in a bottom. Think about it, they're reluctant to hold 49 & 50 as a sure-fire foothold to beat their best price of the last leg top and base, where, from wence they began in Nov. 08, buyers held that bottom for a few days on the way down. They're already satisfied to go up but have to hold a major corner of a building bottom and then tighten the range.
I fully expect institutional conservatives to throw size around with their best quants' equations the basement-dwelling geeks don't have to put in a rational bottom.
With a .618 ratio for every major corner in this bear, we're flirting with a bottom at 446. NS I have some hard earned trend lines in my daily that point to ticking 665 and going for it if they're really serious. And by going for it I mean a full on 3rd impulse that'll put SPX double 1586 and a support there on the pullback.