Debt Ceiling Agreement Have Any More Fuel For The S&P ($SPX)?

We have been discussing the possibility of an Elliott Wave triangle overshoot in the most recent run-up.  Whether it is actually a triangle or a different type of wave B is to be determined but there is a level of interest, despite the possibility of finishing the month green.

From the all-time-highs (ATHs) to the recent pivot lows, this melt-up has an important level above.

The Fibonacci 0.618 retracement is on the radar and depending on the price action around that level (if it is indeed tested) will be very revealing.  A sharp rejection could imply that the wave B triangle overshoot is in tact or just a wave B retrace.  Either way, looking for more impulsive downside action could yield interesting results for the bears.  Let's see if the debt ceiling pump is enough to push through or if it is just that, a pump of hot air.

Watch the video here for more explanation:

Dr. John