(1) The was broken and next typically followed by a mild rise. It seems that the third decline phase is about to begin.
(2) Further substantiation of a possible correction may be deduced by the completeness of the RSI-wave total number, which assumes a value of 13. Usual peak numbers are 5, 9, 13, 17 and 21 (last two being rare but not impossible).
(3) Both PSO & WT indicators are currently providing sell signals.
Eventually amidst of the false alarms, it takes only one to come true. I believe the time is right for a big correction, if it is permitted/allowed by FED and the algos (fixed in buy mode only).
The "smart money" is offloading stocks on a regular and controlled fashion. The market is truly kind and generous, giving ample time & opportunity to sell at excellent prices and capitalize the profits from 2009.