The zigzag (corrective) pwave off Thursday's low is complete. The post triangle thrust was sharp and reversed so quickly the re was really no opportunity to make a profittable trade.
With a smaller degree pattern complete, lets look at larger degree pattern. Is the rally off the June 2012 lows complete? It could be.
Bullish case: The early July 2012 selloff does not look motive with consgestion in the middle of the pattern. Look for a couple days of choppy sideways to slightly down trading before a challenge of the 1380 levels is made.
Bearish case: The rally last week off the 1325 area was a truncated effort of a complex correction. Look out below! Here comes Wave 3 of the same degree as the Early April 2012 to Late May 2012 selloff. Target is below 1200.