According to this wave count, the market is tracing out an ABC 4th wave, now into the 50% Fibonacci retracement window of the entire decline from late April and nearing the level of the previous 4th wave from mid-June.
With the Advanced GET Elliott Oscillator back to the zero line and the False Bar Stochastic at a double top Sell signal pending, the market is setting up for another fall. We have had several false alarms to the downside and maybe this is just another one of those.....but I doubt it. That stochastic double top is a highly reliable trigger and should it issue a Sell signal (it hasn't done so yet) I intend to take it in conjunction with what should be some shorter-term trend model Sell signals.
These are time tested indicators and price patterns. They are not perfect, nor is anything else in market timing. But I use them for a reason, i.e. they work more often then they don't.
As an aside, I found this chart on another site and thought that since it dovetails nicely with the above analysis I would share it here: