Bull Trend Intact ?

After a big scare, the market appears to have resumed its upward trend.  We are seeing volume coming back in the market on up days.  Either this has been the perfect bear trap or the bulls are back in charge.  Based on the Elliott wave theory, we are probably about to enter wave 5 of the market uptrend.  That is the fastest and steepest gains that offer immense opportunity for making money quickly.  However, since wave 5 is followed by a significant pullback, caution is in order to watch for stock topping patterns and lock in profits.  I ended up going to mostly cash for a while.  I couldn't help but nibble here and there.  I doubled my money in an Accenture option position, but overall the portfolio lost significant value (15-18% of total value) from a peak of $18,500 down to around $15,000.   I am now cautiously optimistic again and looking for good patterns to play long positions.