SPX crossed the Monthly high, but strongly resembles a bearish WXY model
$S&P 500(.SPX)$ crossed the Monthly high, but strongly resembles a bearish WXY model.If we see more upside, be careful (!) as you may be buying into the top of the rally before the next major wave down as we are now at Weekly FVG resistance + 61.8% ext. at 5481-5572. All eyes should be on the 50% retracement of the rally from the Apr 20 low - currently 5293 - as a cross below that would confirm the bearish WXY model favoring new lows.Technically, there is upside potential to 5685-5750, however, a Weekly close above 5572 is needed to favor that to invert that FVG. $SPDR S&P 500 ETF Trust(SPY)$$E-mini S&P 500 - main 2506(ESmain)$
$S&P 500(.SPX)$ failed to close above 5386 avoiding a bullish inversion on the Daily and making it clear this rally is CORRECTIVE.This keeps the bearish triangle potential intact suggesting further coiling before the breakdown to 4600-4400 - favored with a Daily close below 5277.However, we could just modestly cross the 5485 high to then begin the next wave down - technically there is upside potential to 5685-5750, though that is optimistic as the low 5500s is stiff resistance.Overall, today's price action made it even more clear that the rally is corrective and it is just a matter of time before the next major leg lower begins. $SPDR S&P 500 ETF Trust(SPY)$