With $SPX breaking to new all-time highs, it's an important time to revisit the bigger picture: a higher-degree correction still looms.
Price continues to be drawn toward the upper boundary of the 2021–2025 trend channel at 6500, which aligns with the 61.8% ext. of Wave 3—acting as a magnet in the near term by Q3/Q4.
However, both primary wave counts point to a major top forming soon, likely followed by a retest of the 5,000 level, representing a 20–25% correction.
A more bearish scenario suggests a deeper drawdown is possible, potentially revisiting the 2023 low—implying a 45–60% decline.
