SPY The Final Countdown E-mini S&P 500 FuturesCME_MINI:ES1!afurs1Since the April lows, equity markets have exhibited strong performance, with many stocks appreciating by nearly 100%—some even exceeding that threshold. Given the velocity of this rally, a corrective pullback may be imminent before the broader uptrend resumes. The current reading on the Fear & Greed Index places market sentiment firmly within the "extreme greed" territory—historically a zone where investors often begin to lock in profits or initiate contrarian positions against the prevailing trend. From a technical standpoint, I’ve conducted an Elliott Wave impulse analysis to evaluate the recent price structure. This method, which utilizes Fibonacci-based mathematical relationships, provides insight into the expansion and contraction phases of market cycles. Using the trend-based Fibonacci extension tool, one can estimate potential termination zones for impulse waves. In the current scenario, the fifth wave appears to be approaching completion. By analyzing the proportional relationships between waves 1, 3, and 4, a key confluence level emerges at the 61.8% extension—commonly referred to as the “golden pocket”—just above the 6400 level on the futures chart. I plan to set alerts at this price level to secure profits, hedge existing positions, and potentially initiate a short trade—should market structure confirm a reversal through a valid breakdown trigger.