It’s possible that this correction is really a major top on the S&P500. Confirmation of the reversal to downtrend would seem to follow from a breakout through lower uptrend channel line. On the other hand, a breakout through the upper downtrend line would suggest a continuation of the uptrend.
The expanding pattern of the Diamond at the current peak of the trend, as well as the MACD, EMA cross downwards all seem to make a stronger case for a bearish outcome.
*Forgot to change the weekly EMAs to daily in the previous post.