Actual: The markets made an 8/31 High, dropped into 9/4 Low of the week and is now retesting the 8/21 Highs today, 9/6.
The break above the mini sideways channel projects to a 1434 SPX target, which has been my long term target, where wave A = C = 1434.44 SPX (click on weekly chart to enlarge)
Wave C = 10/4/11L at 1074.77 + 359.67 = 1434.44 SPX
This is likely by the 9/7 Master Cycle High.
So what is next?
The question is will the markets stop there?
The answer is Yes, but only for some time, before we make higher Highs.
In my 2012 annual forecast, I had a rare 3 long term geometric SPX CITs (Change in Trend), covering Decades, all clustering on one date, Friday 6/1/12, which became the Monday 6/4/12 Low right at the Open. http://timeandcycles.blogspot.com/2012/06/long-term-timing-points.html
This 6/4/12 Low became the 187 week Cycle Low that was posted on my blog back in June 2012. http://timeandcycles.blogspot.com/2012/06/long-term-crash-panic-cycle-critical.html
There is a Time and Cycle cluster mentioned in the annual forecast due right around the important November Elections that should be important to watch.
In my 2012 annual forecast, since the beginning of the year, for many reasons, had 2012 as an up year, which has been the case so far.