S&P 500 - The top could be in place

It's impossible to count any of the waves since the 1,011.52 as impulsive, which means that we are in a correction. Yesterday we saw a overthough of the resistanceline and the following break back below the resistanceline tells us, that we correction is running out of momentum.
Because of the speed of the e-wave we should be aware, that once the correction is over, the subsequent decline to new lows will in all likeyhood be of similar speed.

If we haven't already seen the top with the test of 1,070.98 we should be very close to the top.
A break below 1,058.24 will indicate that the top is in place and call for a fast decline towards
the 1,038-1,040 area. Longer term we should see a break below support at 1,011.52. for a decline to at least the 951 area.