SPX Update: Inflection Point Approaches

Last update noted that there were potentially three-waves down, enough for a completed correction and new highs, and that proved to be correct.  SPX also captured its published upside target:

I mention above that we're getting into an inflection zone.  Here's why I say that:

In conclusion, the market probably needs another new high, which could function as another test of the blue line... but given the number of waves and position of the pattern, we are roughly into an inflection zone here, so (although I'd prefer to see higher prices first) it's not impossible for a new high to fail.  Bigger picture, if bulls can sail over the intermediate blue line, we could see an extension of the micro fifth wave.  If they can't, then we may see a larger (presumed) fourth wave correction, which could stretch back toward the red line, near 3100.  At present, I would not expect such a correction to be too much deeper than that, nor expect it to be anything other than a pause in an ongoing bull run -- but, as always, we'll take it as it comes.  Trade safe.