The SSEC has got to be in a Wave 5 of a blow off top. The chart shows a text book exponential spike, which is unstable. The 9% crash in February was a Wave 4. The Wave 5 is difficult to count waves on the daily charts. It's possible waves 2 and 4 are so shallow they are actually "running", terminating above the motive wave it corrects. There is a hint of weakness in the long term trend as the slope of Wave 5 is less than that of Wave 3.
Post exponential spikes correct very quickly. The rally has gained more than 200% in 18 months. The correction may only take 3 months to erase all those gains! Pictures of historical bubbles published by Prechter have that kind of ratio.
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