Some want to call this moment in time an SPX TOP

Based on the Megaphone Pattern

Study this chart

The last time we had a Megaphone “TOP”

It was NOT a Top.

I see a very similar set up where the dominant pattern on the weekly SPX is the Head and shoulders CONTINUATION

complete with a very good neckline symmetry line ….

Exactly what we saw during the 2015 to 2017 Consolidation.

Also for a rudimentary EW count…we see Wave 1 Up / Wave 2 Consolidation / Wave 3 Up / Wave 4 Consolidation

and now we can expect Wave 5 up …n’est pas ?

Credit for this idea goes to Rambus

Put Jaws of Life into the search bar to see what I mean .

He was first and only to identify this pattern in the Dow a few years back

Note the top line may not be broken for a little while yet as this is a weekly….then we may get a backtest …so it could be a few months before an impulse move / Blow off !