Breaking through the top of the red channel, but stopping at the top of the blue channel. Now what?
In this scenario, bearish RSI regular divergences would send red alerts...
Just one of the numerous ways of counting and projecting the recent SPX price action. In this one, price would stay sideways for much more time, inside a larger flat or some EW combination pattern, forming a classical rectangle, this way supporting a larger long term uptrend.