Running Out Of Room

With the market seemingly having completed its wave [4] consolidation, we now seem to be pushing higher in wave [5].  But, that means we are now running out of room in this wave count.  And, while I am expecting a turn down once this wave [5] completes, I am still suggesting caution on aggressively shorting until the market begins to break support.

The overall levels outlined over the weekend still remain quite applicable in the bigger picture.

From a micro-support perspective, a break of 5445SPX is our initial indication that the 5-wave structure off the wave [4] low has likely concluded.  But, again, I would need to see a further break down below the bigger support box on the 5-minute chart to suggest a top has likely been struck, with follow through below the wave iv low making it a much higher probability a significant high has likely been struck.

So, while I am seeing a very full wave count at this time, I am still seeking the appropriate confirmation before I am willing to turn outright bearish.