There is NO TOPPING PATTERN YET for the S&P. Until something changes, this is still a Bull rally (even if it is over-extended). Price could drop quickly, but sideways & down is the more probable scenario.
The Measured Moves are derived from the Reference Range; each tier is a clone of that range. I tested it going back down, and one can see it fits pretty well.
There is a similar scenario with the small caps (Russell 2000/IWM), which is described in related postings given below.
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(12/20) Currently forming a Bull Flag and might be sideways through the holidays.
Needs a topping pattern before it will reverse: double top, lower high double top, H&S, or just a long-winded consolidation.
Odds are that it will make a new high at some point.
When the market goes sideways, I day trade only. Intra-day there are good swings in both directions.