The advance since the Feb low in SP500 is likely either a fresh upswing to new highs (Chart 1-blue (i)-up) or the second rebound in the pullback from the all-time high (Chart 1-red (x)-up).
While the current advance has exhibited the desirable momentum, it has yet to escape a similar corrective channel which saw the Oct-Nov rebound halt at 2116.48. The next pullback should offer an important tell.
We now have two key unfilled gaps in SPX, one above around 2040 and one below around 1870. If the low is in, the 2040 gap should be filled preferably on this run and the 1870 gap should ideally remain open.
Chart 2 tracks the waves since the low. We either have a completed zigzag (red abc or green i-ii-iii) or are missing a small-degree -down and -up.