[Update 7:50PM: There are several ways to look at the squiggles. Here they are in a nutshell:
1. Ending Diagonal Triangle in play. Cannot move above 1212 and must collapse in price.
2. Middle of the "third of a third" in play. I show this generally on this earlier Wilshire here http://4.bp.blogspot.com/_TwUS3GyHKsQ/S8Yg0CSP74I/AAAAAAAAExY/Eme7d6woTnc/s1600/wlsh10.png
3. A blowoff extended wave [v] peak on high volume. Volume picked up today, and I have a feeling it may again tomorrow. A possible count has the market already in wave [v] but not in an ED move but a valid 5 wave structure. One would have to mark wave [i] where I have it though. This would keep wave [iv] from retracing into wave [i] price territory. The chart has its merits.
The ending diagonal is the alternate count and we will know quickly if it is a valid count. Simply put, ED's produce a price collapse and since that needs to happen ASAP tomorrow, its not looking good at all due to good internals, etc.
First lets talk about the massive inverted H&S pattern that exists on the Wilshire, DJIA, and SPX (it doesn't on the NASDAQ). The target pretty much was reached today for the Wilshire. In addition, if the second (X) wave was a triangle, the triangle target may have been reached also.
The gap up today, is important on the SPX. For a valid wave structure, it really should not be closed and if it does get closed, that should be indicating exhaustion.