The breakout in the % of stocks of the 50ma above its recent swing high from an oversold condition confirms the current uptrend. There is resistance at the downsloping trendline which suggests that near term upside potential may be muted. A pullback to the 35% to 40% area would be in line with prior pullbacks.
At the moment the market does not appear to want to move to the downside, but rather trade sideways. Even so, it is premature to consider the pullback as complete. If it is a triangle, it has at least another day or so to go. If it is a flat or expanded flat, then lower prices may be seen. If it is only in the first leg down, then the pullback could last until the end of next week. It is still too early to tell.