Here is the update of few charts from last week.
DJIA still respects the upper ML of Roofer's The Trade setup at March bottom:

So, the area capped it until the 'tan book' came out and it did the obligatory spike up, to 8.75, then swoosh. But will this head down more, to some key areas at say 1099 and 1102-03? I doubt it, you know those rampers don't want to lose control of this after yet another new 'bull market' high today. We'll see.

We have a nice potential Wave 2 ABCD in SPX:

Look at, and carefully watch that structure (and reaction off that structure) off the area you have marked 'D'.

Looks like another ABCD, this time to the downside

It also finished exactly in the 0.786-0.886 area, so could be a part of 4PT with the point number 4 to come right on the ML

What if the low at 12:23 was the LOD? Then it pushed up, pulls back in a bullish ABCD with an ABCD in the BC leg, and up it goes. That's why the reaction, which it is in now, to this pattern, is critical for clues.

Originally posted by jarek

It also finished exactly in the 0.786-0.886 area, so could be a part of 4PT with the point number 4 to come right on the ML

It is now 'seeing' the 4PT right here. Again, as I mentioned, the reaction to the previously described layout is crucial here.

Quite the number of Kane patterns in SPX during the last 2 hours:

Now we see that the reaction off that bullish scenario is a push and an ABCD pullback (look at a 1-min chart). It's decision time. My 'guess'? They explode it up. 'Rampers always win in this market'. We'll see. That 4PT is to be respected until it gets blown out.

There's also a critical aspect to the methodology here that I cover in detail, over time, with mentor students. These patterns/setups can not ever tell me what the market is likely to do, that must come from 'context'. These areas are ways to get in, with the flow of what I think is most likely to play out, based on 'context'. Where are we in the bigger picture? What's the ongoing premise/bias? Setups can give me additional clues, and can get me in, but they can never tell me which side I want to be on, only 'context' can tell me that.

Okay, I'm done with the one man show. I did enough notes, with the time stamps, for everyone to study. Have fun.