The S&P is currently pushing back towards a new all-time high in small steps. In the yellow sub-structure of the superordinate wave (i) in turquoise, we see the index continuing to rise. If the top could then be formed in this movement, we expect a wave (ii) correction. On the other hand, a different count would prevail if the price slips below the support at 4548 points, which we consider 38% likely. At present, we still lack the momentum on the upside to make this alternative irrelevant.
