The obvious count is that this is a fourth-wave bull flag, with a fifth wave up (tomorrow?) to bang into the thick black line that means the same today as it did yesterday.
However, we must consider what happened last July. What looked like a bull flag in the making morphed into a total waterfall; by August 9, 2011 the market plummeted to 1101 SPX in what I consider Minute [iii] of C of (X) of [D].
We're just waiting for the Fed... wandering listlessly in a haze waiting for the latter half of the week.
