Can We Push Out Yet Another Rally?

Today, I was told that more popular bears have capitulated to this uptrend in the markets.  It seems that Marc Faber has now gone bullish and thinks we can see another 10-20% higher in the markets. 

But, I am still questioning all these bears becoming bulls, as I do not have the evidence to see the 10-20% upside that they see at this time.  Rather, I still see serious risks as I have discussed many times in the Weekend Update.

However, it does not mean I am blind to long side set ups, one of which I have been noting all day.  As we have seen the ES come down into our support region for a wave (4), we also have seen a pullback in what seems to be a b-wave in a 5th wave in the TF.   Assuming that the upper support region holds in the ES and the 1115 region holds in the TF, we still may see another rally in the next week or so before any significant downside is seen.

But, a break down below 1795ES will get me looking for at least a test of the 1777ES region, and a break down below that should have implications of at least 30 points lower than that.  So, we will take this one step at a time for now, and first see if we can squeak out one more rally from this market.

 Elliott Wave Chart
 Elliott Wave Chart