This morning's action raises the odds that the recent November low was wave X of (X), and the market is now headed higher in wave Y of (X) toward a retest of the 2011 highs. However, resistance at the median line and the March and June lows must be overcome first. Since the March and June lows were already penetrated during the October rally, the resistance should be week. Even so, the median line should repel the advance initially, and we should not expect the form of the rally to necessarily mirror the October rally. A pullback would be a welcome opportunity for a long entry.