The current MAP wave count on the S&P 500, 4H-1 of D-1 of W-1 of M-3, indicates we are at the point of a major correction which would be confirmed with a break below 1391.
Currently prices are well above the latest monthly pivot trend channel (bold gold upper line) as well as its weekly trend channel (upper red bold line). It is still within its daily trading channel.
By failing to pierce either the orange or red dashed lines, which would have been the expected turning point targets, there may be possibly be one further high. However this is extremely unlikely, as there is a clear 5 wave count into this top, and a break below the bottom purple rail would very much confirm this as a multi-year high that will not be seen again for many years to come!
Where to from here? We could be at pivot 4H-1, which would be confirmed by a move on Monday to the upper blue rail to 4H-2, before prices work their way down to the lower bold blue trend line (4H-3) over the next week. Alternatively if this is pivot H-1 the move to the upper blue rail would be pivot H-2 and the turn on the lower blue rail would be 4H-1.