I also mentioned the potential VIX equity buy signal, which did trigger today.
This leg up today, may take a little breather so lets see what the pullback looks like tomorrow.
For the bears:
1. The bears still have the potential nested 1-2 i-ii down. This option is out if 1525.84 is taken out.
2. There are still lower highs and lower lows since 2/20.
3. A potential leading expanding diagonal may also be developing, which is bearish.
4. It is also possible that a larger wave (iv) triangle could be developing, which would send the market range bound for a little bit.
As for the bulls:
1. VIX equity buy signal
2. The bounce off today's low appears to look like an impulse that may have a few extensions in store.
3. A close back above the 20 day SMA.