Can this rebound be compared to the 5 days' rebound of 5/21/12?

SPX daily
The 2 months' correction (Bears) took away 12.28% off the price from the top may need time to breather.
Although Stochastics and MACD are still in oversold condition, the RSI indicator is showing some positive divergent meanwhile the price is trying to get back above the 200days MA.
I would like to recall my saying about T2108 posted 6/04/2012:
"The 2108 indicator is too oversold and that may hint a big bounce is imminent.
T2108 - % Stocks Above 40 Day Pma
The indicator's reading is 18.64. Remember that the indicator was 16.31 on 5/18/2012 before a 5 days' bounce."

Elliott view
It seems that 1266.74 - the low of 6/4/2012 was the end of the 5 waves correction since 4/2/2012. 

The correction was done yet? I am not sure! I need to see price going outside the yellow trend-line and staying above 1300 level to be sure about it.

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