S&P 500 - One more rally needed?

It has been some time since I have looked at the S&P 500, so maybe it's on time.
I still regard the rally from March 2009 as an [B] wave. The entire rally has a wedge like shape, which is ultimately bearish. The big question though is, when wave [B] is over. We could have seen the top with the test of 1,370.58, but if that is the case we need a break below 1,318.57 and more importantly 1,294.98. However as long as 1,318.57 isn't broken to the downside we might need one more rally higher towards 1,381 and maximum 1,394.82.

The last part of the rally since1,248.83 is clearly lacking momentum, which is a warning sign.