Relentless grind is today's market theme. The market is in a melt up mode. Shorts get run over and only add to the upside move. They are the best buyers after all. One need to understand the current backdrop: massive buyback and QE. All that effort is directed to prevent the last year December fiasco and to make sure that Santa rally is on the way. Until that backdrop is negated pullbacks are buying opportunities.
Use Fib ext from recent upswing to project most immediate targets. It works just fine.