SPX local — racheting toward a major top — slowly

Time wasting red (4) triangle
heading toward a bust out for red (5), that ends blue circle 3 and starts another 4 at this higher degree that will be destined for zone where last prior (4) traveled.

EW is fractal, so every impulse has cascading internal subwaves with similar forms.
After a large bullish third wave, a sequence of 4,5s at ascending degrees completes the largest structure.
Hence the overlaps, then breakouts with prompt reversals.