Back in the day, the market was content with a 61 Fibonacci Retracement.
Starting around 2009, the market started insisting on 78 Fibo's. Now seeing more 100% Fibos to blast the stop of anyone who got in on a trend change.
The leader indices, Nasdaq and Russell (or maybe we should say the exuberant indicator indices) both show clear overthrows of the channel out of the 2008/2009 bottoms.
Confirmation of an at least near term trend change. Expect a "shakeout" drop of AT LEAST 8% prior to Santa Rally.