S&P

The S&P index is now coming very close to its 1.618 times ratio to the 2008-09 bear market. It is also in wave E of a 1 year long expanding structure which is full of corrective moves. In the rally from the October low we are in wave c up [since b was a triangle], so this is also the last move up before trends reverse and that should be one more meaningful top for US markets

The extreme sentiment on this chart reported by Elliott Wave International in its Short term update yesterday should also be a sign of the potential next top around the corner.