Several years ago, we set our target for the S&P 500 Index to between 2,537 and 2,611. While it may not seem like a stretch of the imagination today, consider that the stock market was at around 1,800 at the time, and most market participants were awaiting some type of crash. In fact, we maintained our strong conviction for the S&P 500 SPX, +0.18% to rise to 2,500-plus points no matter who won the election in 2016. And the fact that Donald Trump won and stocks still rallied, despite most expectations to the contrary, supports our big-picture perspective. But now we are in what we consider a “topping” zone. While the market can still push higher by another 50 points or so, I think we will be starting a multi-month pullback as we move into 2018. So my expectation remains that we are completing the final segments of wave (3), as you can see in the charts below. And as long as we remain over the 2,511 support region on the next pullback, the market will likely try to push up to our next long-term target in the 2,611 region.via