Has the S&P500 Index SPX Formed a Major Top?

As long as we see only a 3-wave rally as illustrated in the white scenario, it is plausible to assume a substantial top has formed on SPX. However, I still think it is too early to be bearish, because the market is still holding above the orange micro support zone between 5440SPX - 5368SPX. The next confirmation signal for a larger market top will be a break below the 5446SPX low, but it still takes a break below the orange support zone for a clear confirmation. If the market breaks the micro support zone in a larger 5-wave structure as shown, this would be an even clearer signal. So, for now I remain cautious, but rather neutral until we see more definitive signals for a market top.