As far as the wave count, again nothing has changed for the outlook. The SPX has already retraced over 50% which is solidly in wave 2 territory.
Via Sentiment Trader, there is now more bullish sentiment than bearish for the first time since approximately May 1st. That means Minor 2 is working on shaking out the excess bearishness that existed.
So everything is "on schedule" for Minor 2 and it can indeed go higher if need be. And if the market keeps creeping higher, then Minor 2 should stop it in the major resistance zone of approximately 1354-1365.
