One Path Left For 5350SPX

With the break-down of the standard Fibonacci Pinball structure we were tracking towards the 5350-5390SPX region on Friday, the SPX has one path left which can still take us there.  Yes, that is the beloved ending diagonal structure.  

There is not a lot I can really outline for this beyond what we know of diagonals.  The standard target for wave iii of the diagonal is the 1.236 extension of waves i-ii, which is in the 5260SPX region.  I have the general path outlined on the attached 5-minute chart, as you can see.

However, I must warn you.  Should we break down below the low for wave ii (5056SPX), that would invalidate this path, and increase the probability that the market has indeed topped.  For now, the bulls seem to be holding on.