I can see two trend channels on the daily chart, one showing a potentially bullish scenario, while the other favours a bearish outcome. Which trend channel will prove true? Wait and see, but keep in mind the big picture context and momentum of a market that has been trending up since early 2009. Also I can as yet see no sign of a top on the ASX 200, which in recent years has been joined at the hip with the S&P.
As I said, two channels. The first, potentially bullish.
The second, which I have posted previously, showing a bearish trend line break.