This analysis is very dependent on how price reacts to the green gann line, if punches off it then I believe price will reach new highs, one reason is that price action leading up to this point I feel was trying to induce the shorts as the 'herd' at this point is very bearish for US indices. In our longer term analysis of the index price is interweaving between a gann line set from the 2009 crash. This analysis has one last price target level which is well above where price is at the moment. I think everyone is expecting a long term correction soon but I don't think it will be for a while.