A Series of Fifth Wave Extensions

 The SPX appears to be tracing out a series of fifth wave extensions from the 2009 low. The final wave v of (5) of V, is by definition limited in it's length, as by Elliott Wave rules, wave 3 cannot be the shortest. This count appears to fit well with the ebullient sentiment environment that has caused the greatest degree of equity overvaluation in stock market history. Additionally, as illustrated below, the SPX has staged a throwover of the upper trendline going back to the 1930's, a classic ending move. A move back underneath the upper trendline should confirm the top is in. Under this count, the upper limit for prices to register a top would be SPX 8,339.55 on a closing basis. If this count is correct, the market should be tracing out the final waves of the Grand Supercycle Bull Market, and the reversal will be a record setting event.