Chart of the day

SPX is reversing down from a strong upside resistance of 5350. This is also seen as the end of the long-term fifth wave top and a short-term fifth of the fifth long-term fifth wave.

We need to see a break above 5350 for a new upside extension to happen. I see this as a terminal fifth long-term wave. A break below 5280 will accelerate the reversal down to 5160.

_{Look for the short trade entries with a stop loss above 5340. You can take long trades if we see a confirmed price action break above 5340 and a stop loss is taken.}