SPX Update -- and Bonus Sentiment Chart

So the market is into interesting territory now.  Last update noted:

While SPX is still holding red on the chart above, it has now overlapped its first meaningful near-term zone, suggesting the rally from last month's low is a three wave form.  This further implies it's either a b-wave high or part of an ending diagonal -- at least, those are the most likely implications (bull nest can't be ruled out yet; nor can "failed fifth").  If it's a b-wave high, the c-wave decline would be expected to reach ~6550 or below -- but then it would be expected to recover to a new ATH.  If it's part of a diagonal, it would be expected to grind higher again directly.

On the intermediate chart, SPX effectively held the red channel (after a brief whipsaw):

Near-term, this does keep all options open, though this bounce is not a bear killer (yet) and would still be in line with a bear wave (if this is a fourth wave bounce):

Finally, the chart below is interesting and probably doesn't need much explaining.  It tends to suggest that, while we could still be a ways away from a top, this rally can't go on forever:

In conclusion, SPX has now followed its prior three wave rally into the all-time high with a rather ambiguous decline.  Instead of getting lost in the minutiae of every squiggle, the most straightforward option is to keep using the red intermediate channel as the key pivot -- especially since that's been working for months now.  Trade safe.