Well I was clearly wrong about anticipating some type of drop in the market from the supposed rising wedge formation. This market wants to go up and possibly on a longer term basis.
So to keep things simple lets just say that I am staying on a BOT long signal above 1250 on the sp500. This is the clear dividing line between bull and bear in this market.
The market could very well be setting up for a cancellation of the monthly bearish MACD crossover. This would take time for confirmation, perhaps into November and December, but it is starting to look that way.
So after all the dust has settled I think my initial observation about the market simply doing a RETEST of the larger head and shoulders bottoming formation was valid. So once again the longer term analysis wins the day.
It is going to be quite interesting to see where the market is by the end of the year.