Bullish correction underway

By breaking out of the purple triangle on volume, I think we have established a bullish trend that will take us back to the long-tern downtrend at least. After a weeks-long consolidation, the market has finally begun to correct from its oversold condition and decided on a direction for the next few weeks.

This should start a bull run similar to the one in May 2014 that will bring us to a target in the 340s or above. I will be looking to ride this trend until it reverses.