Ok, so the new high yesterday killed the ABC pullback having already started. Clearly it NOT as we haven't topped out yet. My best guess is that yesterday was either the breakout move similar to 2/11/11 or 2/16/11, which if it's the 16th date then we should top next Monday, possibly Tuesday. If it's the 11th then we could drag out into the following week and top around Monday the 28th possibly?
The problem there though is that the decline would cause the month of July close with a nasty topping tail, and I don't think that's what the market has planned. More likely is that we are rallying back up that week after bottoming late next week, so that we can get a bottoming tail closing on the monthly candle. This will keep the bull market going into August and it's still bullish on the bigger picture as we will see that upside 655.66 FP on the SPY hit in August (or September) before we get a much bigger pullback.
For the short term I don't see much today as it's Friday and OPEX. I think we go up again (small) on Monday and possibly early Tuesday. Then I think we get a fast pullback of 2-3 days and while I don't know the level for the pullback it would benefit the bulls if it's a nasty drop to 6000 or so as it will wake up the bears so they will short the market and can be used for fuel for the squeeze afterwards.
Have a great weekend.