A major (interim) high is potentially at hand. Chart 1 tracks the advance in SP500 since its 2016 low. One can now count 7 completed waves, barring an extension at a smaller degree (as discussed below). A 7-wave advance (so far) would suggest that Friday's high is potentially
green (3) of a five-wave advance - Note that wave (3) is the extended wave, with nice alternation between its wave 2 and wave 4. Furthermore, since wave (3) has extended, wave (5) is unlikely to do so.
Under this impulse-wave count for the entire advance, Friday's high is unlikely to be only wave [i] of 5 of (3), given how much NDX has given up.
green (C) of a zigzag/flat - Wave (A) is much shorter than wave (C) in time and price, which is less ideal.
Under this impulse-wave count for wave (C), Friday's high is unlikely to be only wave [i] of 5 of (3), given how much NDX has given up.
red (C) of a double zigzag - Note that the entire zigzag is well-contained by its channel. However, since wave C of (C) appears too short in both price and time, Friday's high is likely to be only wave [i] of C of (C)
Chart 2 tracks the advance since the June 2016 low to offer additional details.