I re-drew the up channel on this SPX chart versus the Wilshire 500 channel shown below.
ORIGINAL POSTYet another attempt to get above the 2+ year rising wedgeline. And another solid hit on the downsloping trendline from the 1474 SPX peak.
The primary count is still a possible leading diagonal but just barely. Obviously this pattern will resolve one way or another shortly. A breakout to the upside would nullify it.
Local SPX candle chart shows another poke attempt above the wedgeline. The market can feel the wedgeline, it can feel support of QE3 day (1435 - 1440 support) and it is striking the down-sloping trendline from the price peak with regularity.
Something has to give soon.
Top Alt count is shown on the Wilshire5000 hourly chart. Prices are still firmly within the up channel.