Update

Here is the short term chart updated with all three scenarios on one chart before FOMC.
The week has started lower before FOMC as expected. The move looks corrective no impulse and the intraday move higher... could be an impulse, but not convincing so far.
So no change - triangle will look perfect with one more push lower with the same size for a-b-c or E of the triangle(green), second most probable scenario move higher has begun(yellow) and impulse lower for C(red)... the problem is there is no impulse.
Now FOMC should deliver something positive tomorrow:)

Weekly review

Short term view - lower for the start of the week than higher.
Intermediate term view - expecting correction of a bigger degree, but it is a few weeks away.

The indexes moved higher as expected, but we saw only one strong day for the US indexes and there was a lot of selling on strength. I suppose this QE is priced in already, or the market is simply tired. In contrast Europe was very strong working on the expanded flat if I am right.

The choppy pattern is almost two months old an continue to develop. The price action this week did not give us a clue what is happening. There is still many different options.
On the first chart is shown a triangle, on the second chart ending diagonal and there is more bearish scenario shown on the daily cycle chart below.
I do not see impulses lower and we are nearing a 20 week cycle low so even if we see the most bearish scenario from the three above, the time to be bearish will come later now it is too early.
On Wednesday we have FOMC so I will bet on the ED or triangle. If the price stays before FOMC above the low from Thursday around 2025 we should see ED. If it breaks below this level it is probably a triangle.

TECHNICAL PICTURE
Short term - the triangle is shown... Monday and Tuesday should be strong down days breaking below MA50 and the low from last Thursday.

Intermediate term - weakness on Monday and grinding higher for w3 of an ED.

Long term - no change. Momentum points lower with divergence.

MARKET BREADTH INDICATORS
The Market Breadth Indicators - does not help us much too. For the longer term divergences and something bigger to the downside, but for the short term no clue.
McClellan Oscillator - looks like a triangle too, with higher lows and lower highs.
McClellan Summation Index - I do not know...
Weekly Stochastic of the Summation Index - can not take a decision lower or higher:)
Bullish Percentage - sell signal, but turned up.
Percent of Stocks above MA50 - in the middle of the range near 50.
Fear Indicator VIX - moved relatively higher so it favors more bullish outcome for the short term.
Advance-Decline Issues - in the middle of the range near 0.


HURST CYCLES
Cycles are not clear at the moment. Both scenarios are equally probable.

Here is the bearish scenario lower in the next 2-3 weeks.

More bullish scenario we saw the bottom last week and we are currently at week 1 of the next 20 week cycle.

Tom Demark SEQUENTIAL AND COUNTDOWN - this technique spots areas of exhaustion.
On the daily time frame the price is turning up and down for two months. On the weekly and monthly time frames there is finished countdown and combo.... It smells like a top for me.
The monthly chart - the wedge is so tight there is no more room left for the price to move:)))) It should break soon higher or lower. With QE news behind us and very weak reaction is there something left to move the market higher? Breaking lower looks more probable.
It will be interesting if we will see a second red month in a row. It has not happened since early 2012 almost two years:)