It looks like we have had a confirmation as shown on the chart, but we need to still be wary since the underlying economy is in shambles.
In the primary count we had a correction in 3 waves, indicating that the trend is . The current impulse wave we're in looks like it is wave 1 of the first wave of the third wave and a move down in 3 waves would be confirmation to go long.
Furthermore, a report from Morgan Stanley indicates that there's still a lot of money on the sideline waiting to get in the markets, so there's still further upside potential.
If you believe in Theory's ability to predict market moves, then you should be long.