Notice also that the folks who published this excellent work are the inventors of the McClellan Oscillator, which is flashing a multi-month warning sign. Any new high today or tomorrow will likely trigger an outright sell signal on the Oscillator.
I still do not think a high is in. Though I'm using a mental stop at 1811.08 (I never use mechanical stops), it would take a violent move through 1767.99 to signal a top, though it probably shouldn't be under 1800 anyway.
Currently, the 1554 area is the 38% level from the 1849.44 high to the October 2011 1074.77 low. I consider the October lows to be the fulcrum of the entire move from March 2009. Should the market agree with this thesis, 1074.77 can and will act as a magnet at some point. Price could easily bounce off the 38% Fib level (1554) and still be in a technical uptrend -- kind of an alternative law of large numbers that few are prepared for.
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