The S&P 500 could have peaked in wave 5 of III at 4,748. It's still possible to see the S&P 500 index move to an new all-time high above 4,748, but the upside potential is very limited and probability for that scenario is low. The higher probability scenario calls for the peak of wave 5 of III to be in place and a larger correction being under development. The first corrective downside target is seen near 2,980 but it's more likely that a deeper correction closer to 2.411 or even 1,844 will be seen.
Short-term we expect a temporary relief rally before renewed downside pressure towards 3,608 and 2,980.