Short term view - decision time for the two patterns so I do not know just waiting.
Intermediate term view - one more higher high expected before intermediate term top.
Small pullback as expected.... now waiting to see which scenario will play out - the pullback bottoms soon and makes one more higher high with divergences(wedge from the February bottom) or it moves another 30-40 points lower and than makes a higher high for a wedge from the June bottom. Now it is decision time because in the next 1-2 weeks the two patterns should move in different directions the first making final high around FOMC 14.12 the other making a low around FOMC followed by the final rally.
All this is short term play, intermediate term I think the next high whenever it comes will be the high for the move from the February low and a correction for 2-3 months should follow.
The same picture for Bonds,USD and precious metals - they all look like corrective pullback is running, one final low/high is expected than trend reversal for 2-3 months. So all markets suggest the same - waiting for a few weeks, than the trade should reverse for 2-3 months from "risk on"(stocks) to "risk off"(bonds and PM).
TECHNICAL PICTURE and ELLIOTT WAVES
Short term - so far we have a small pullback heading for 20 day cycle low and the oscillators resetting on the daily chart. It is difficult to say which way the market will move. There is enough arguments for both patterns.
Intermediate term - the two scenarios how they should look like. Wedge from the February low(green) and A-B-C with a wedge for C from the June bottom(white).
Long term - no change, waiting for the final top and correction for 2-3 months.
MARKET BREADTH INDICATORS
The Market Breadth Indicators - very weak for indexes which are making ATHs. This is what we want to see - the indicators resetting from oversold levels, but divergences and important top in a few weeks.
McClellan Oscillator - around zero.
McClellan Summation Index - buy signal.
Weekly Stochastic of the Summation Index - buy signal.
Bullish Percentage - buy signal.
Percent of Stocks above MA50 - around the middle of the range.
Fear Indicator VIX - building multiple divergences for the next important top.
Advance-Decline Issues - in the middle of the range.
Heading lower for 20 day cycle after that we should see a higher high and the top of the 40 day cycle.
Week four of the next 20 week cycle. I think in a few weeks we should see a 20 week/40 week/18 month cycle top.
Tom Demark SEQUENTIAL AND COUNTDOWN - this technique spots areas of exhaustion.
After a combo finished at the previous top now we have finished countdown on the weekly chart too. Waiting for a price flip to signal a reversal lower.