First lets take a look at the monthly chart. The rally from 804.30 in 2000 to the top at 1,178.60 in 2008 is clearly in three waves. This rally most likely ended wave [A] (not shown on the chart). The following decline from 1,178.60 to the bottom at 869.30 is wave [B] (or an X wave if one prefer W-Y-Z). As wave [B] have "only" retraced 81% of wave [A] we are looking at an Zig-Zag. One could make a case, that we have only seen the wave 3 of C ending at 869.30 and we are now looking at wave 4 higher towards the 939.65 - 942.80 area. No matte which count is the rigth one, we are at least headed for 939.65 in the coming weeks/months. The daily chart below shows a clear break above the long term trend-line resistance. I would expect the rally from 869.30 picking up speed for the move higher towards 939.65. 
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