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S&P 500 Index, 'Subway Tube' daily, possible scenario.

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FX:SPX500   S&P 500 Index
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S&P 500 Index             , 'Subway Tube' daily, possible scenario.

The Index is confined within the 17/5/2013 Channel(blue).

Until it breaks out from this Channel, the trend is your friend,
and/or self-similar pattern is your friend in this case,
as with the previous wedge like formation breakout, similarly a brakeout
could target 1990-2000 on this run, and possibly above,
to top of Channel, within the 2nd half of the year.

Index broke out from horizontal resistance through a
triangle A(red) breakout, and may has reached its target, currently.
Thus, a small correction could ensue,till 1902, so to relieve short term
overbought pressure, then a rise to top of wedge formation, in a wave fashion(red).
It marginally broke out from a larger ascending triangle B(yellow),
which reinforces the bullish case, as well as its support.

The risk is, lower probability, this is a 5 wave ending
diagonal, AB=CD (@ 1970), which could retrace to channel support,
with risk of breaking down, to the rising 200 sma , 1850, and/or 1740 level.

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