Here is the 2007 downward trendline DJI on arithmetic scale. It intersects today at 10,790.
Here is the XMI chart along with the wave count. XMI is at it's August highs.
It is clear from these charts that I do not expect another impulsive wave up from the stock market. The market can slightly exceed yesterday's high on a 3-wave, particularly on volatility from the FOMC announcement.