Another nice chart from ApartofNY,a regular contributor on the lounge (link above).Comments are Apart's too

 Should we break below the 55 Month Moving average the P3 is in play with a S&P forecast of 275-330.
Supporting this interpretation is a long-term valuation framework developed by Robert Shiller, a distinguished professor of economics at Yale University, known as the Shiller P/E. Based upon the 130-year data series supporting the Shiller P/E, stock market lows have historically coincided with a P/E multiple of 5-6x the trailing 10-year average real EPS for the S&P 500 index. A P/E multiple of 5-6x on today’s value for trailing 10-year average real EPS of $55/share – as calculated by Shiller – would imply an index price range of 275-330 for the S&P.