(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.
The SPX rise since October 2014 looks like a b-wave (based on my EW experience). As an afterthought, I wish to note that July 2014 marked a very important period, whereby I believe that wave 3 (since 2009) for SPX ended and wave 4 (or something else) begun. According to this scenario we have :
(1) Wave 4,a (July 2014-October 2014) ; (2) Wave 4,b (October 2014-May 2015 ?) and (3) Wave 4.c (May 2015 ?- ??).
The ending of wave 3 for SPX coincides with the rise in DXY and corresponding fall in USOIL.
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.