http://stockcharts.com/h-sc/ui?s=%24SPX&p=D&yr=0&mn=6&dy=0&id=p38955316076&a=266398464

There is a wealth of information here, none of which foretells the future.  On the ambiguous side the upwave now in process is strong, 35 days, 12%, with 14 strong or power bars.  The three bars off the bottom are especially rare–and  important.  If anything helps foretell the future these bars do.  What is ambiguous is the wave and its trend lines.  In effect the trendlines shown are technically shaky.  There is no pull back low on which to anchor a strong trendline so we invented two lines.  Don’t worry.  The market will take care of that before too long.  Meaning that we should see a reaction bfore too long.

On the bullish side the wave is coming off a sort of double bottom.  There are some measuring implications to this  bottom formation: 137 points, to a target of 2084.  So most of the signs here are pointing bullish.

The market is still iffy.  And will be until oil sorts itself out.  But we think further important downwaves are not in prospect.  When the easy money starts again is not known, but  we think the HFT and algo guys have had their fun, and we are beginning to think of all this as a bear trap.