The rally off the June 3 low is certainly impulsive in terms of price development. However, there are some real questions on the internal strength of the move. First, the Transports and Russell signaled the correction off the September 2018 high, and they signaled this correction. Currently, they are not confirming the rally and lagging by a substantial amount. There is no Dow Theory confirmation. Finally, volume is falling and market breadth is declining. The Indices are extremely overbought.
As always, the trend of price must be respected, but it should be viewed with some skepticism until the divergences discussed above begin to be eliminated. The beginning of next week should be very telling in terms of the next intermediate degree time and price move.