Together with Jim I'm in the inflation camp now and believe that March 2009 - April 2010 rise was the W1 of the new multiyear bull market. The question is: can it move up from here with no looking back or it needs to "refuel" before commencing W3 up in earnest?
From what I see on various blogs and sites there are still many W3 down callers despite yesterday's taking out of August top by SPX. The chances are high that many others will join them soon if the market starts to fall impulsively from here in the following scenario:




At the end of such bullish ABCD the market should be ready for a major move up. Especially that those W3 down callers would be allowed to hang on for many more months to come if the most probable scenario developes:




Could you imagine the amount of fuel they could provide in such scenario?

4.50 off the low...

Hmmm, I wonder if it is a coincidence that they started to come in at Friday's LOD to the tick? Now, where have I seen that before...

Up 5.00 off the low now.

My weekend resistance area didn't hold, but that doesn't exclude bigger bearish ABCD completed at higher levels.
For now market wants up and our good old upsloping set is still in play:

There surely was a climax 3D at HOD. The green set did its job and the immediate downside target was met:

This downsloping set is especially interesting because of its multipivot ML:





The upper ML lies in the 'Game Zone' of the last push down and this is definitely an area to watch

It may want to shoot for that much bigger ABCD, 1157 for the 1.000 ABCD, basis the $SPX. But, I suspect, they want to try for a new high for the entire 'bull' market, to really impress the voters. And today NBER officially announced the recession is over. Everything looks great for the run to new highs for the bull and the November election.

Note the bullish 4PT right here, although this has run a long ways today already. Another up Monday. Ho hum.

Oh, and NBER said the recession ended in June 2009...

Get ready, it wants to pop...

...and there was light.

1.272 hit. Now we see.

Right back to the line. Totally not able to handle that area. Very surprising.