As discussed yesterday the lead of the Russel gave way to the S&P breaking down from an ending diagonal in wave v of C. The S&P should have therefore topped out. Note how the top is also close to the upper channel for the entire advance from June which can be marked as A-B-C. This could be the end of the US bull market run since 2009. The only thing that can sometimes follow is a pattern like a triangular distribution near the highs that wastes time, but we cant know that in advance and some times after a top prices can just crash. What this tells us is that the upside potential of the US market is negligible from here on. The rising channel from Nov has its trendline at 1545. A close below that will further confirm this view. Once the move down starts to get deeper the first target will be back to the lower channel line at 1430.