Today is confirming the breakout up. This is good to see. Now is where things get interesting. We have the resistance zone at 1255-1260 and we also have the 200 DMA at ~1275.
Currently the breakout is not as dynamic as the rally from Oct 4 - Oct 12 (which was pretty spectacular by historical standards in terms of slope and size), which is not surprising. My trend indicators are all saying (so far at least) to expect a more subdued rally. So I bet we move slowly into that resistance zone over the next couple of days.
And I wouldn't be surprised by a pause there (and maybe even a sell signal). Just because we get a sell, doesn't mean it is time to crash. It could end up being simply a mid-rally correction (like Oct 14-19). I will be listening to my trend system and if it says to sell and go short, I will do exactly that. I honestly have no expectation about the next trade. (And no matter what I think about the state of this cyclical bull market, I will not let that bias my observations about what is happening on the trading timeframe).
It also pays to make the observation that everybody who is *expecting* 'Minor 3 down' (despite my demonstrations as to why that count is invalid) doesn't get too biased themselves. This market is overbought on the 60-minute timeframe again. But is not even remotely overbought on a daily or weekly timeframe. And after a correction, it still has a lot of room to run up, if it so wants to.