9:19, Updated count, with the Breadth running at extremes, odds are very good we are working on the 3rd wave(black) of the 5th up(blue). We should be getting to close to seeing a 4th wave of consolidation building for a few hours here soon, this would relieve the extreme short-term over-bought conditions of the indicators, clearing the way for the 5th wave up.
Breadth is continuing to increase for the Bulls case, now up to 4.86:1, this is very bullish!!!
7:44, Once the SPX jumped above the 62% retracement level, odds jump to the bulls camp, because once that level is breached odds that it was a 2nd wave up quickly diminish. The SPX never did break-out of the bullish channel like the Russell did. Currently the indicators are back in over-bought territory which when dealing with impulsive waves means the 3rd wave up, in this case that would be the 3rd squiggle of the 5th up.