SPX Cycles System Daily Cycles (SPI:IN\X)

[RCKS]

That is an interesting point about it fitting a Bear Pattern and that actually fits with what I think is happening here. This drawn out consolidation is what some call Basing ahead of a Bullish move or a coil. I think of it as acquiring fuel for the move and that fuel comes from Shorts/Puts betting against the market or betting that a top is in.
Can't know yet but being a contrarian to certain degree, I like that sentiment is way down here, 26% Bullish.
A short squeeze here would have us explode up for a bit and then the market would likely gaining some traction from new highs and have folks join the parade for a bit.
We'll see though, just thinking out loud....