"Melt-up" vs "Melt-down"

There appears to be an equal potential for a 'melt-up' or a new cycle down. Professionals and institutions are selling off what appears to be a topping process, and adding short positions. Given the recent predictable history of the cycles down (about every 20+ trading days), I'm leaning toward the premise of a market surprise to the upside (ESZ09 1120+), followed by a harder correction back to 1050.