A few days ago I published an ending diagonal on the S&P, and for long the Elliott Wave marking was that the rise is wave 2. It might however be an alternate to think that this move is the 5th wave. The steep rally and ending pattern at the top of it can be indicative of a truncated 5th wave with the following changes in the wave counts. A few people who think a 5th is forming though believe that it will be extended and the next correction will be wave 2 of 5. However this count suggest truncation near a triple top for the index. The point is you cannot be sure that the 5th will extend. So even if wave 2 of 5 is coming it can retrace 61.8% of the 3 month rally. The Monthly momentum on the index remains in sell mode, so one should be prepared for more risk.