The market drifted higher today, reaching the lower end of the blue target box at 2118 SPX near the end of the day. With the minimum target met, I will now be on the lookout for a local top and turn back down as either blue wave c of 2 or the start of wave 2 in the red count.
However, with no sign of a local top in place yet, there is still room for price to extend higher, potentially even as high as 2151 SPX although I am not necessarily expecting that.
A break below 2101.50 SPX is still what I am looking for as an initial indication that a top has been struck with confirmation below Friday's low. After which, I would expect at least the May low to be revisiting again before a tradable bottom forms.