I thought it would go higher but a newer high was not on the list. This run is not an impulse so I am sure it will all get retraced in time. The SP500 has a slightly different wave count than the DJIA, but just incase, the SP500 can drop down hard, right to the bottom trend line and then crank up again.
This can happen over and over until finally it implodes and we get a mini summer panic. Every
bottom you see above will not hold as support, once this market gets serious. So far it has been toying with us as the bulls are still putting up a fight. The real reason may be more that the bears are always getting into mini bear traps and the buy orders all get triggered.
Every peak you see will have buy orders sitting and waiting to get triggered as bears turn into instant bulls.