Our Elliott wave count for S&P is shown in the charts that follow. Taking into consideration that the decline from 1730 to 1646 was overlapping and thus corrective and the fact that the recent rise is , we should anticipate a corrective pull back towards the 38% Fibonacci retracement at least. We do feel that a new all time high is very possible taking into consideration the strength and speed of the recent upward move.
Prices are expected to move lower towards at least 1686 before trying to make a new all time high. Needless to say that a move below the 61,8% will make things for bulls much more difficult, however the bullish scenario will get canceled only if prices break below 1646.
Traders favoring the bearish scenario of a lower second top at 1710, could go short near these levels with minimum target the 1686 retracement. Expectations are that a three wave pull back should push prices lower before the next leg up. Concluding, we are turning slightly bearish as prices are expected to make a downward correction since 5 waves up were completed. The form of the decline will give us more data regarding the markets next move.
As always, thank you for taking the time to catch up on my thinking.