The Big View: Are we going higher ? Maybe

We have now invalidated the Elliott wave theory when the fourth wave reached the bottom of the first wave so this means we are in the bottoming out scenario that started around 106-21. The question is, do we have more room to the upside now that we already have advanced by 3 points ? Before answering yes definitively, we have to navigate around the 109-25/110-01 area which has been a major congestion/rejection area for the past year and a half as shown...

By the way, we've bounced against it twice in the last two days and if option activity is of any help to predict the future, there was a lot of put buying and call selling today..... Longs might want to trim a bit there positions or at the very least tighten their stops.