Has S&P broken out along with the Nasdaq? Or is this an inter market divergence. Well the S&P has rallied in 3 waves in what is wave e of a triangle. Now this is as far as we should go if this view is correct. So if the S&P does continue higher from here I would have to start thinking about the bull case on the S&P in wave 5 up. However at the end of a 3 wave rise in the last few days the following wave count is ideal for the bear case. An immediate trend reversal to the downside in wave C after wave B completed a complex a-b-c structure where wave c of B is a wedge/triangle, and complete.