S&P 500 Rising wedges (waves) since 2009 - Time for pullback?

Right now the S&P bumping up against a major resistance line (black).

Sitting just a little above the 1.236 fib level (max level for a Wave B correction).

The purple line is the 200 day SMA. Note that Friday last week the S&P was 16% above the 200 day, which is the largest of the entire 2009 rally.

It really looks like the S&P is ready for a pull back IMO.

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Chart PatternsDJIIVVSPX (S&P 500 Index)SPDR S&P 500 ETF (SPY) Trend AnalysisWave Analysis

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