The top trendline of a long-term pattern has been touched. If this is a primary (or cycle) wave [D] of a Supercycle expanding triangle pattern (not the primary count but the pattern still fits for the time being), it has been a somewhat complex wave (and difficult to count per EW guidelines)
EW theory calls for alternation between complex and simple patterns as a strong guideline.
1990's to 2000 peak: Sharp, simple impulse
2000 - 2002/03 lows: Complex pullback
2003- 2007 rise: Simple, yet somewhat complex rise (elements of both)
2007 - 2009 dropoff: Simple pattern.
2009 - 2013: Complex pattern with simple elements in the subwaves
The next wave down should be largely a simple affair which of course would probably catch a majority off guard. If its a cycle 'c' wave of a flat/expanded Supercycle flat, then we are looking for a huge 5 primary waves down. And that should form a fairly simple impulse pattern.
A solid break under today's low would nullify this count below and indicate a likely bear trend is again in place for the near term.