Stuck At The Highs
With the market consolidating near the highs, we still have not seen a clear 5-wave in the SPX just yet. But, I will note that we have seen it in the ES futures chart. And, in the same breath, I will also note that we do not have 5 waves up on the Russell in index either. So, in summary, I cannot say I have a strong indication that we have 5 waves up yet.
And, as I mentioned in the weekend update, even if we do get 5 waves up, then this rally can still be a c-wave within yellow wave iv (as compared to the wxy manner in which I have it counted now). Moreover, in order to confirm a solid bottom to wave , we still need to complete that 5th wave higher high, see a corrective 2nd wave pullback, followed by a break out over the high if wave [i].
Therefore, until we see that confirmation in the SPX, I would have to view pressure as still being to the downside, with potential for one more lower low in the yellow wave v. While there are more than enough waves in place to consider the bottom as already having been struck, I cannot say that I have yet seen strong confirmation.