Pattern indicates an intermediate top could be approaching
Elliott wave ABC flat correction could be completed in the 1947.5 - 1960 area, after which the downtrend including new lows would likely resume. As always, there are other pattern variations that could play out, but the implications of this particular pattern has enough significance to keep and open mind and be ready for it.
In particular, you should spend no time at all thinking about those rosy scenarios in which the market goes your way, since in those situations, there's nothing more for you to do. - William Eckhardt