we're favoring a return to highs as of now.
this gets confirmed within a couple more daily closes above 2810.
invalidates completely below 2720.
a double top would bring us a target of SPX 1000. 3400-2200= 1200 --- 2200 - 1200 = 1000
we have many reasons to assume such a target is not only possible but likely.
if we get a higher or a lower high then no target can directly be inferred...
we do not completely exclude a continued bull market, but that's not our preferred view at this moment... and after 10 years of rising prices.
Please note: if you're a swing trader or investor you may prefer to wait for Macd cross on daily for confirmation.