Chart of the day

SPX is being rejected again by 4800. A rejection here will lead to a downside reversal, marking the end of the Elliott Wave's five upside waves, especially in the case of a breakout below 4700.

Only a clear confirmed break above 4850 will invalidate the downside and lead to an extension higher to 5000. A confirmed break below the 4620 level will open a new leg lower and confirm that the long-term uptrend of the Elliott Wave is near the end. Short-term we are still in the sideway triangle which I expect to be broken out soon.

Short-term short trades could be opened here with a stop loss above 4850 Long trades should be opened only upon a confirmed break above 4900. I am inclined to see a deeper pullback into 4300 and possibly lower.