SP500 and Nasdaq indexes made fresh 2015 highs today. Today's all-time high in SP500 is likely part of the blue wave c or the red wave (e) in Chart 1. Note that SP500 broke out of a potential bullish triangle today and is making another attempt at breaking above a multi-month consolidation range highlighted in Chart 1. If the upside momentum picks up convincingly, the green wave (3)-up would gain credibility. A reversal back inside the range would register another breakout failure.
Chart 2 tracks the upswing off the April 17th low.
