The S&P 500 is bullish, accelerating within the final stages of a bigger blue wave five after a completed sub-wave 4) with a correction at 2554 a few weeks back. It was a nice base of fourth waves from where we can see a new impulse, ideally a red sub-wave 5) that is now trading into some Fibonacci resistance levels, right here at the Elliott Wave channel resistance line. A throwover is possible, which could lead to a prolonged move. However, if it falls back into that channel, this could signal a bearish turn. All things considered, a three-wave drop through the lower Elliott Wave channel line would indicate a locked-in top and a three-wave reversal in progress. Also, the Relative Strength Index suggests a reversal in the near-term.