I was looking for a termination of wave 5 just under 1300. The very overbought SPX refused to oblige and has climbed towards 1325, hitting the upper trendline of the wedge once again. Looking for a pause or significant reversal here. In the absence of the latter, there is a remote possibility that the 3rd wave is extending. Watch for a break of either trendline. Always use stops.
All the best!
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