The last low in November 2011 was 2150 and high this year 2795. The 50% retracement in monthly chart was the first target ( see below chart ) and a continuation of a pullback towards the 38.2% retracement area in Daily Chart is highly likely. The NDX would remain within the channel drawn in below 1 year Daily Chart. Even if NDX would target 50% retracement at 2472, there is no harm done to the bullish perspective. A target range between 2548 - 2472 is considered a normal pullback after the strong rally between autumn 2011 and March 2012. Bull markets are not a one way street.
Considering that NDX 100 has the potential to reach 2547 area, the estimated target in SPX of 1321 appears very likely as well.
Again, there is no urgency in committing heavily on the long side until we do see a nice set up to be long again. The next intermediate low will offer us a very attractive buying opportunity again and handsome profits are ahead of us.