My favorite two counts are either this is wave [v] of 3 now underway to new highs or its wave [iv] tracing out a triangle (though until 1332.09 is cleared a zig zag down for [iv] to 1280ish is also possible).  Under the former count, there is a nice cup and handle pattern in the works, the latter a triangle, both of which measure to the same target, the next big pivot of 1363-64. Risk remains on the short side.  Longs can afford to be patient.