[Update 8:48PM: A quick snapshot of divergences occurring between reaction points. You can see at the early July lows it was a three day bottoming process. Perhaps we have the opposite occurring now. A topping process.
The small divergence signals a turn. The larger divergences signal that the turn is longer-term and should be of some size. Anyways thats the way I see it at the moment. Some of these will undoubtably change tomorrow...maybe.
Also note that there are no long term divergences when the July low(s) were set. (there were with the February lows though). However just since the April peak, the early July lows were all lower than anything prior since the April to June drop-off.
So suffice it to say, the bulls need to drag each of these indexes into a non-diverging configuration. I am not saying that it cannot be done, I am saying that as bullish as today was, the market still faces lots of headwinds.]
Squiggle-wise, I show one more wave v of (v) of [v] of C of (2) due on the dollar. This equates to the ED in equities in that the markets may only have a rise or so left.
Also new TED recovery low today nearing 50% correction. New VIX recovery low in a small 5 wave move down.]
[Update 4:30PM: Dollar hammered. Minor 3 cannot go without the dollar ( I was right on that one). Bottom soon? Finding support at the 200DMA hopefully.
Everything is consistent with an ending diagonal pattern in play. We could be near the end or just at "a" of (v). Haven't hit the upper trendline on the SPX so we'll assume its "a".