The short-term counts are numerous at this point with both bullish and bearish possibilities from this rally being labeled as an almost completed wave 2 up, all the way to the rally being labeled as finishing up the 1st wave of "C" up, a very large range. The next couple of trading days will provide some clues as to the intent of this rally. If the breadth continues to grow for the bulls (today closed at 6.24:1) there is a high probability that we are in the early stages of the "C" wave up, and if the bears take control back ASAP, with increased breadth, then this might of been a brief correction, or a bull trap. The bears have had a great run for the last month, it just might be time for the bulls to have some running room to get the conditions set back into over-bought territories for a 3rd wave down.
The Trend Finder remained at neutral at the close, with the very short-term signals all bullish, and the Daily(longer-term) trends at bearish. Which at this point is about right, it is best to wait for things to sort themselves out a little more before jumping on board for anything longer then a quick daytrade or scalp.
***A big Kudos to Binve over at Markets Thoughts and Analysis for timing this rally perfectly, this is yesterday's post "Spliced"