1074.77 wasn't a Bearish Wolfe Wave 5 Fakeout/Breakout high. While it seemed very unlikely back in May after a 200 point gain off the 666 low, the SPX rallied yesterday to 1080,15, within about five points of the Bullish Inverse H&S target of 1085.24 that has been IN PLAY since May 1.
It would be unusual for a Wolfe Wave, but yesterday's rally to a new high could have been a Double Fakeout Breakout. For that to be the case, the SPX would need to break Purple Trendline #2-#4, then get to the target line, at #6.
Meredith Whitney upgraded "The Stock That Stubbornly Refuses To Die" to $186 on July 13, which was the catalyst for the breakout of the Bull Flag (pattern in purple) that put 165.09 IN PLAY. That target got MADE in a very straight forward manner.
Meredith's 186 target got MADE in yesterday's session, but the move to that level was anything BUT straight forward. It was fraught with traps for Bulls and Bears alike.
Notice that when "the story finally was told" on the Breakaway Gap out of the Symmetrical Triangle (in black) on September 8, it was a breakout of multiple patterns/horizontal resistance of the Right Shoulder and Head, which we know can be very powerful. From that breakout, Goldman slam danced its way to the H&S top target of 183.01, and also to Meredith's 186 target.
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