Chart of the day

SPY is reaching a strong upside resistance of 515. A rejection here will lead to a pullback to 480 and will probably mark the beginning of the end for the fifth wave.

Only in the case of a clear confirmed break above 515, we can see an extended fifth wave and an expansion higher in a new bullish cycle. Until then a rejection from here will lead to a possible pullback only for a retest of the strong support.

_{Short trades could be opened here with a stop loss just above 512 upon a confirmed break below 504. Long trades could be open only upon a break above 515.}