New Upleg in S&P?

Thus far today's action in the SPDRs (AMEX: SPY) has the look and feel of the end of a correction and the start of a new upleg. However, I am still not sure whether the larger formation off of the 6/1-6/4 highs at 154.39 through this moment is a high-level coil type of continuation pattern, which implies several more hours of sideways meandering prior to an upside breakout, OR, if the 6/8 low ended a pullback and all of the action since then is the start of a new upleg followed by today's retest. In either case, the SPY should accelerate to the upside; however, in the case of the latter scenario, the acceleration will occur much sooner than otherwise. For the time being, I will expect the slower coil pattern to develop, while being acutely aware that the more powerful pattern could rip the SPY's at just about any moment.
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