As mentioned yesterday, it looks like we are at the end of a Primary wave (black  or [C]). If that's the case, a big correction should follow (like in 2011) or even a new bear market could start.
In the last three years, there were nine pullbacks. Four of them were around 84 points, three of them around 130 (the largest was 156 points). Moreover, no pullback declined below the low of the previous pullback, i. e. we got a series of higher lows (and higher highs).
Hence, unless we get a decline that exceeds 130ish points and dips below 1905 (the low of the previous pullback), the uptrend is intact and thus, pullbacks should be bought.
Author: Patrick Eugster