Ian - to be clear - what I mapped out was shorter term structure only - I view the move up as a complex corrective move BUT all that matters is the trend and one should respect until evidence changes.    See my liquidity post as well from May 16th.   Lastly, what matters is YOUR PLAN not some prognostication - remove that from your thinking and you will see a vast improvement.    Does anyone here realize that the entire move off the October lows is simply an expansion of P/E?  That's a FACT earnings have contracted - again who cares as liquidity drives the market so simply respect the trend until evidence changes.  More importantly,  take TIME to develop and institute a PLAN each and EVERY DAY. 

Spend time on YOUR PLAN instead of prognostications - too many want to be told what exactly will transpire instead of trading a PLAN.  Respect the trend until evidence changes.  What matters is YOUR PLAN not what someone forecasts.