We highlighted several scenarios in 2016 Scenarios (7/22/16). Those scenarios remain on the table with recent price actions (Chart 1).
[very bullish - green] A proper impulse wave from the Feb low is developing. Wave 3 is currently in progress and may extend.
[somewhat bullish - blue] A
proper impulse wave from the Feb low is completing. Wave 5 is currently
maturing. The advance from the Feb low could be just wave 1
of a larger impulse wave or could be the entire upswing.
[very bearish - read] The
upswing from the Feb low is actually a three-wave structure. Its wave B
is an expanding triangle. The post-triangle thrust, wave C, is
Thoughts on the very bearish scenario
If the upswing from the Feb low does conclude as an A-B-C structure, it can be wave (D)-up of an expanded triangle wave  since its mid-2014 high (Chart 2). See Breakout (7/15/16) for our latest discussion of this scenario - "[red] Wave -down since the
2009 bottom is an expanding triangle. The pending high is its
wave(D)-up. Wave (E)-down is next to take out the Feb low. "
To the extent that the above scenario has merit, it is interesting to note how one can fit a contracting triangle in the German DAX index (Chart 3).