In addition to my green trend line break yesterday, SPY just formed a “Swing High” by making a lower low than yesterday’s daily low. While more confirmation is needed with some additional follow through, it sure looks like the Trading Cycle topped in a very similar fashion to the Fractal from last Fall. Back then we had a 38.2% retrace of the move into the TC Low and I would expect something similar as this move out of the bottom has been very bullish.

My chart below shows a close up on the 5min of the green trend line break, the Yellow double Top, the lower low from yesterday and a speculative downtrend channel (Blue and Orange down trend lines)

A 38% retrace would take us to the 1962 level. Interesting that ZH also spotted the same fractal that I pointed out on my weekend SPX post.

http://www.zerohedge.com/news/2016-03-21/its-day-26-rally-decision-time

Screenshot 2016-03-23 08.32.27