As of today, we have a breakout on the MACD. But since this is a monthly chart, we need to wait until the monthly close. Unless we get a quick correction (50+ points) over the next few days on the SPX, odds are the breakout will hold. If that happens then forget about a major correction for the next 4-6 months. By major correction, i mean 10%+ correction. We should know by Nov 1.
If we do not breakout and the MACD crosses down, then we may finally get the big correction that the bears have been looking for.